Hi Traders!
USDJPY has found support at the midpoint of the long-term impulse wave and is targeting a retest of the 140.000 resistance level.
On the 1D chart, we have highlighted the long-term impulse wave from March 2023. We then found resistance at the 145.073 level and had a retracement wave to the midpoint of the impulse wave. The RSI reading also supports this, as the value was around the 30 level at the midpoint, which suggests that the market is possibly oversold at this point.
140.000 seems to be the next target. If the market reaches 140.000 and the resistance level holds, then we can expect a pullback to test the midpoint again as support. A break and a close above 140.000, and we are looking at a possible retest of 145.073.
Please remember to like, comment, and follow, as your support greatly helps us.
Thank you for your support.
BluetonaFX
USDJPY has found support at the midpoint of the long-term impulse wave and is targeting a retest of the 140.000 resistance level.
On the 1D chart, we have highlighted the long-term impulse wave from March 2023. We then found resistance at the 145.073 level and had a retracement wave to the midpoint of the impulse wave. The RSI reading also supports this, as the value was around the 30 level at the midpoint, which suggests that the market is possibly oversold at this point.
140.000 seems to be the next target. If the market reaches 140.000 and the resistance level holds, then we can expect a pullback to test the midpoint again as support. A break and a close above 140.000, and we are looking at a possible retest of 145.073.
Please remember to like, comment, and follow, as your support greatly helps us.
Thank you for your support.
BluetonaFX
140.000 now reached we need to see how the market behaves at this level.