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USD/JPY Price Approaches Target – Forecast for July 5, 2024

by Jennifer

USD/JPY Price Analysis

Expected Scenario

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The USD/JPY price has opened today’s trading with a new bearish bias, approaching our initial target at 160.20. This level represents the 23.6% Fibonacci correction level for the rise from 154.55 to 161.94. We anticipate that breaking below this level will pave the way for further bearish correction, with the next target set at 159.10.

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Supporting Factors

The bearish trend is expected to dominate on an intraday basis. However, breaching 161.20 would halt the expected decline and could prompt the price to attempt a resumption of the main bullish trend.

Expected Trading Range

Today’s anticipated trading range for USD/JPY is between the $159.70 support level and the $161.30 resistance level.

Trend Forecast

The trend forecast for USD/JPY is bearish.

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