USDJPY H4 I Falling to support level?

USD/JPY indicates bearish momentum with a potential bearish reaction near the 1st resistance at 149.50, leading to a possible decline to the 1st support at 148.92. The 1st support is reinforced by overlap support, while the 2nd support at 148.42 adds further strength to this support zone.

On the resistance side, the 1st resistance at 149.50 is significant due to overlap resistance and the 38.20% Fibonacci Retracement, potentially impeding upward movement. The 2nd resistance at 149.97 presents challenges with overlap resistance, the 78.60% Fibonacci Projection, and the 61.80% Fibonacci Retracement, signifying a strong resistance area.

Analysis are provided by InstaForex

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