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

by Jennifer

USDJPY Price Analysis

Current Scenario

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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.

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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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