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23.02.2024 06:05 AM
The USD/JPY, the potential bullish bounce scenario is as follows:
Support Levels:
The 1st support level is identified at 150.44, attributed to "An Overlap support." This level indicates a historical area where price has previously found support, suggesting potential buying interest.
The 2nd support level is situated at 149.82, noted as "Multi-swing low support." This level signifies a confluence of multiple swing lows, reinforcing its significance as a support level.
Resistance Levels:
The 1st resistance level is observed at 150.78, designated as "Swing high resistance." This level represents a historical barrier where price has previously reversed its upward movement, potentially acting as a resistance point.
The 2nd resistance level is positioned at 151.35, recognized as "Multi-swing high resistance." This level indicates a significant historical resistance point where multiple swing highs have formed, suggesting potential strong selling interest.
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