Our Near term usdjpy forecast- (BULLISH)
USDJPY forecast today: After recently touching 146.70, USD/JPY swiftly declined to 141.70. From there, the price formed a strong bullish candle on the daily chart yesterday, rising to the 144.30 level. However, 144.30 acted as a short-term resistance, causing the price to retreat slightly. Currently, on the 1-hour chart, the price is holding above both the 50 EMA and 200 EMA, where these moving averages are serving as short-term support levels.
We believe the price could rally towards the 145.00 level from here. However, it may also dip towards 143.30 before making a U-turn and rising back to 145.00.
On the downside, if the price drops to 143.20 and sustains there, bearish momentum could increase, potentially pushing USD/JPY lower to the 142.40 level under increased selling pressure.
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