JPY Index Faces Critical Support Test Amid Downtrend
CURRENCY INDEX
Chartist Trader
7/15/20241 min read
As the JPY Index experienced a sharp pullback in its strong downtrend, the price halted at the previous low from April 29, 2024. To resume its upward movement towards the supply area, identified as strong resistance on the daily timeframe, the price needs to break this support-turned-resistance level. Since the JPY Index remains in a downtrend, if the price fails to break the April 29 low, further bearish movement can be expected.
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