Best Selling Zones for the USD/JPY Pair in the Medium and Long Term

The USD/JPY pair is moving in an upward wave after the recent sharp decline, attempting to retest newly formed supply zones.

The newly formed supply zones near the 159.47 level are considered among the most important and strongest selling zones currently for the pair. A test of these zones is expected to trigger a reversal and a renewed decline.

Expected Targets

As mentioned, a test of the supply zones near the 159.47 level is expected to lead to a drop to the targets identified on the chart near the 158 and 156.50 levels, respectively.

The analysis will be invalidated by a daily candle breaking and closing above the supply zones.