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04.05.202316:04 Forex Analysis & Reviews: USD/JPY to hit buying zone

Exchange Rates 04.05.2023 analysis

USD/JPY Massive Drop!

The USD/JPY pair crashed in the short term and now is trading at 134.38 at the time of writing. It has turned to the downside after failing to reach the 138.00 psychological level. Technically, after its strong growth, a downside movement was natural. The downside movement could be only temporary.

The uptrend line represents a downside obstacle, so as long as it stays above it, the currency pair could develop a new upwards movement.

USD/JPY Trading Conclusion!

Testing and retesting the uptrend line and stabilizing above it may announce a new upwards movement. This could represent a new buying opportunity. Only dropping and staying below the uptrend line invalidates the upside scenario.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert of InstaSpot
© 2007-2025
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