USDJPY Price Needs Positive Momentum – Forecast for July 3, 2024

by Jennifer

USDJPY Price Analysis

Current Scenario


The USDJPY price has been trading within a narrow range since yesterday, hovering near the support line of its bullish channel. The market is currently awaiting a resurgence in the bullish momentum that could drive the price towards testing the 162.00 level. A successful breach of this level would likely propel the price further to the 164.20 area in the near term.


Bullish Outlook

The bullish trend remains intact as long as the USDJPY price stays above 161.25. Should the price break below this level, it could indicate a potential bearish correction before the upward trend resumes.

Expected Trading Range

  • Support: 161.00
  • Resistance: 162.50

Trend Forecast: Bullish

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