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USD/JPY at Risk of Breaking Down: What This Means for Forex Traders

11/22/2024

Less than a minute

2024.11.22 10:32

The pair has lost its upward momentum and appears poised to break below the ascending channel that has supported its rise since September.

A key support level to watch is 151.50, which could serve as the first line of defense in the event of a downside break.

It’s important to exercise caution when holding long positions at current levels, as the risk of another Bank of Japan (BoJ) intervention looms large. USD/JPY-Daily Chart