USD/JPY, H4

On еhe four-hour chart, at the level of 144.84, there is a series of Hanging Man reversal patterns, signaling a slowdown in the activity of the "bulls", and the Evening Star pattern, which also warns market participants about a possible reversal of quotes downwards from the resistance level of 146.86 to the support level of 141.66, overcoming and consolidation below which will allow the instrument to continue moving towards the levels of 137.20–131.37. An alternative scenario is possible if the key resistance level of 146.86 is overcome, then the price may move higher to the range of 151.96–157.03.

USD/JPY, D1

On the daily chart, the asset is forming a stable uptrend and is trading around 144.62, reaching the upper limit of the trend at 144.84 and struggling to overcome it, which indicates the likely exhaustion of buyers. At the same time, it should be emphasized that the chart shows the absence of reversal candlestick analysis patterns that would indicate a possible change in trend. However, a "bearish" Harami Doji pattern formed at 143.68 on the chart, confirming the continued uncertainty in the market. In the current situation, short positions are more preferable when the price consolidates below 141.66. Breaking the key level may serve as a catalyst for further decline to the area of 137.20-131.37.

Support and resistance

Support levels: 141.66, 137.20, 131.37.

Resistance levels: 146.86, 151.96, 157.03.

Trading tips

Short positions can be opened below 141.66 with targets at 137.20, 131.37. Stop-loss — 143.68. Implementation time: 9-12 days.

Long positions can be opened above 146.86 with targets at 151.96, 157.03. Stop-loss — 144.84.