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USDJPY Analysis: Consolidation Continues, Key Levels to Watch
The USDJPY pair has failed in its attempt to break above the 150.88 resistance level and remains within a trading range between 149.52 and 150.88.
Nevertheless, as long as the 149.52 support level holds, the sideways movement could be viewed as consolidation for the uptrend from 145.89. A breakout above the 150.88 resistance level could potentially trigger another rise towards the 151.90 resistance level.
The critical support level to monitor is at 149.52. A breakdown below this level would suggest that the upside move has concluded at 150.88. In such a scenario, the pair could find support around the 148.80 area.
USDCAD 4 Hour Chart
Red lines dominating with a brief blip above last week’s 1.3535 high
The KISS approach is to keep an eye on 1.35, which has traded 6 days in a row to see if this pattern is broken .
If broken and 1.3535 gets taken out, resistance levels (blue lines) are at 1.3552-1.3563-1.3586
If not, Trendline + 1.3484 are key supports.
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