Current price: 148.55
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 an upward direction on the daily frame from the bottom of last March until it reached the resistance levels 152.00-150.20.
The price fell from these levels with a harmonic BAT pattern with an 88% Fibonacci retracement
The price closed below 150.20 levels to confirm the decline to the next support levels 145.00-146.50 at the lower cheek of the ascending channel.
