USDJPY's Bullish Stance Meets Resistance
Solid ECN Blog - Currently, the USDJPY pair is positioned within a bullish flag formation. Yet, there's been a notable change - the price has fallen below the Ichimoku cloud, hinting at a potential shift in the market's direction. As of now, the pair is undergoing a test at the lower boundary of this flag, and the ADX indicator is suggesting that we may see significant fluctuations ahead.
If the price drops past this crucial point, it's likely we'll see a further slide down to the 144.5 support level. This would be a key movement to watch for.
On the other hand, if the bulls succeed in keeping the price stable above 146.2, it could signal a continuation of the upward trend. In such a scenario, the pair might target the 23.6% mark on the Fibonacci retracement scale, possibly even stretching to the 38.2% level.