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Technical Analysis of the USD/JPY Currency Pair on 12/10/2023.An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

• First key support level of EUR/USD: 1.05802
• Second Key support level of EUR/USD: 1.04905
• Third Key support level of EUR/USD: 1.0452
• First key resistance level of EUR/USD: 1.06332
• Second Key resistance level of EUR/USD: 1.06729
• Third Key resistance level of EUR/USD: 1.07000

• First key support level of USD/CHF: 0.89857
• Second Key support level of USD/CHF: 0.89359
• Third Key support level of USD/CHF: 0.89000
• First key resistance level of USD/CHF: 0.90024
• Second Key resistance level of USD/CHF: 0.90400
• Third Key resistance level of USD/CHF: 0.90900

• First key support level of GBP/USD: 1.22614
• Second Key support level of GBP/USD: 1.22246
• Third Key support level of GBP/USD: 1.21102
• First key resistance level of GBP/USD: 1.23093
• Second Key resistance level of GBP/USD: 1.23316
• Third Key resistance level of GBP/USD: 1.24221

• First key support level of USD/JPY: 148.261
• Second Key support level of USD/JPY: 146.000
• Third Key support level of USD/JPY: 145.112
• First key resistance level of USD/JPY: 149.299
• Second Key resistance level of USD/JPY: 150.148
• Third Key resistance level of USD/JPY: 151.000

 

Technical Analysis of the USD/JPY Currency Pair on 12/10/2023.

 

The USD/JPY pair has been on a solid uptrend since the start of 2023, with buyers reaching a peak of 150.148. This currency pair is now in the highest price range in its history.

In the monthly period of this currency pair, no clear and transparent reason has been formed for the price reduction. If the resistance level of 150.148 is threatened and destroyed, the price will have the potential to rise further and reach the resistance levels of 152.000 and then up to 153.000.

A weak warning for the upward trend appeared in the weekly period with the formation of the Hanging Man candlestick pattern. Due to recent price increases, the price has been oversold, indicating the potential for a weak correction in the upcoming candlesticks.

According to the type of price movements formed between the price ceiling of 152,000 and the price floor of 127,070, a Bat-type harmonic pattern has been created, which warns of a decline during the following candles with the formation of point D.

In case of a price drop and reduction, the critical support levels in front of the price are 147.300 and 145.40 price targets.

 

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