Current price: 151.70
Key point: 150.20
Our preferred direction: sell positions below 150.20 levels, targeting 146.50 as the first target, then 145.00 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 150.20 level, targeting 152.00 levels.
Technical commentary
The USD/JPY pair is moving in a strong upward trend on the weekly time frame from the bottom of last March within a price channel, breaching the resistance levels 145.00-146.50.
Until it reached the pivotal resistance levels 150.20-152.00, which are considered important as a result of the price falling from them strongly in October last year as well.
And with the presence of a harmonic BAT pattern with a Fibonacci rate greater than 88% of the XA leg
It is expected that if it closes below 150.20, the price will fall to the support levels 146.50-145.00.
