Forex
USD/JPY Breaks Down Sharply Below Key Levels
The USD/JPY currency pair has broken down significantly from its previous support at 160.40, entering a bearish zone.
On the 4-hour chart, it traded below a key bullish trend line with support at 159.70, gaining strength after closing below 158.00 and 158.80.
The pair even tested the 155.25 support zone, with a low formed at 155.29, and is now consolidating losses.
Resistance near the 23.6% Fib retracement level of the downward move from the 160.39 swing high to the 155.29 low stands at 156.50, while major resistance might be 157.25.