After briefly poking above the 38.2 % retracement of the December–April decline (147.11), USDJPY couldn’t hold the gain. The failed break flipped intraday sentiment and sellers pressed the pair back into the well-defined swing band at 145.92-146.24.
Scenarios from here
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Break lower → bearish tilt:
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145.47 (minor May pivot)
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144.66 (200-hour MA)
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144.42 (100- hour MA)
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Hold & bounce → bullish reset:
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First hurdle 147.11 – (38.2% retracement)
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Key target 147.49 (high price today)
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For now, price action inside 145.92-146.24 will dictate the next push; watch for momentum either side of that pivot to confirm direction.
This article was written by Greg Michalowski at www.forexlive.com.