Current Trend: The USD-JPY pair is currently in an uptrend on the monthly chart and in a correction mode for the last 3 months. It seems like it is in Wave iv of Wave 3 correction.
Current Key S&R Level: 142.10
The weekly chart posted below shows a possible reversal is about to come if the pair bounces from 140.24 level to go for a Wave ” b ” of possible Wave 4.
Factors that can impact this pair:
- USD weakness or strength
- JPY weakness or strength.
- Interest rate differentials between the United States and Japan, can also significantly impact the USD/JPY pair.Always use stop-loss orders to manage your risk.
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