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💸 USDJPY Trading Signal and Market Insights by Guriforex on September 5, 2024:
On the 2-hour chart (H2), USDJPY is navigating within a falling bullish wedge pattern, approaching a critical support level at 143.50. This setup is often a bullish signal, with the potential for a breakout to the upside. Additionally, the %R and RSI oscillators have recently left the oversold zone, further suggesting that bullish momentum could be building for the pair.
📊 Key Technical Insights
- Falling Bullish Wedge: This pattern typically signals the end of a downtrend and a potential reversal. The current proximity to the 143.50 support level makes this an important moment for USD/JPY traders.
- %R and RSI Oscillators: Both oscillators have exited the oversold zone, indicating that the selling pressure may be easing. This shift in momentum often leads to a bullish reversal, but the reaction to the 143.50 support level will be key.
🔍 Critical Levels to Watch
- Bullish Scenario: If the price rebounds from the 143.50 support, it could rise to 144.80, where the golden Fibonacci ratio aligns as the next major resistance level. This move would confirm the bullish wedge pattern and signal further gains.
- Bearish Scenario: However, if the price breaches below the 143.50 support, the next target would be 141.20, signaling the possibility of a deeper correction.
❓ What’s Your Outlook?
- 📈 Bullish: Do you believe the wedge pattern and momentum shift indicate that USD/JPY will rebound and rise toward 144.80?
- 📉 Bearish: Or do you see the support level breaking, leading to a further decline towards 141.20?
💬 Share Your Thoughts: What’s your take on USD/JPY today? Let us know if you’re bullish or bearish in the comments! Your analysis could help others in making their decisions!