USD/JPY Faces Potential Pullback as Momentum Wanes
The US Dollar continues its upward trajectory against the Japanese Yen, forming higher highs and higher lows. However, a recent decline in bullish momentum suggests that the short-term uptrend may be nearing its end.
While a break above the October 14 high could signal further gains, a pullback is becoming increasingly likely. Support levels are located at the October 10 low and the September 2 high.
Key Points:
- Upward Trend: The USD/JPY pair has been experiencing an uptrend.
- Momentum Weakness: Bullish momentum has declined, suggesting a potential pullback.
- Support Levels: Potential support levels are at the October 10 low and the September 2 high.