“USD/JPY Bears Encounter Significant Support Level, Focus Shifts to 133’s”

The USD/JPY pair has been on a downward trend since the beginning of the year, with bears dominating the market. However, they have recently encountered a significant support level that could potentially lead to a reversal in the trend.

The support level in question is around the 108.50-109.00 range, which has held up well against multiple attempts by bears to break through. This level has been a key area of interest for traders, as a break below it could signal a further decline in the pair.

The recent bounce off this support level has shifted the focus of traders to the 133’s, which is the next significant resistance level for the pair. If bulls manage to push the price above this level, it could signal a potential reversal in the trend and a shift towards a more bullish outlook.

However, there are still several factors that could influence the direction of the pair. The ongoing trade tensions between the US and China, as well as geopolitical risks in the Middle East, could continue to weigh on the USD/JPY pair.

Additionally, the Bank of Japan’s monetary policy decisions could also impact the pair’s movement. The central bank has been maintaining its ultra-loose monetary policy for several years now, which has kept the yen weak against other major currencies. Any changes in this policy could have a significant impact on the USD/JPY pair.

Overall, while bears have encountered significant support at the 108.50-109.00 range, the focus of traders has shifted to the 133’s as the next significant resistance level. However, several factors could influence the direction of the pair, and traders should remain vigilant and keep an eye on any developments that could impact its movement.

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• Source: Plato Data Intelligence: PlatoData