Market Analysis: USD/JPY Remains In Strong Uptrend
Market Analysis: USD/JPY Remains In Strong Uptrend
USD/JPY is rising and might gain pace above the 153.85 resistance.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 150.50 and 152.20 levels.
- There was a break above a key contracting triangle with resistance at 152.00 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a fresh upward move from the 149.00 zone. The US Dollar gained bullish momentum above 150.50 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 152.00. There was a break above a key contracting triangle with resistance at 152.00. The pair climbed above 153.50 and traded as high as 153.88.
It is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 151.45 swing low to the 153.88 high.
The current price action above the 153.20 level is positive. Immediate resistance on the USD/JPY chart is near 153.85. The first major resistance is near 154.20. If there is a close above the 154.20 level and the RSI moves above 65, the pair could rise toward 155.00.
The next major resistance is near 155.85, above which the pair could test 157.00 in the coming days. On the downside, the first major support is 153.20, below which the bears could gain strength.
The next major support is visible near the 50% Fib retracement level of the upward move from the 151.45 swing low to the 153.88 high at 152.65. If there is a close below 152.65, the pair could decline steadily. In the stated case, the pair might drop toward the 152.20 support zone. The next stop for the bears may perhaps be near the 151.45 region.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
USD/JPY is rising and might gain pace above the 153.85 resistance.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 150.50 and 152.20 levels.
- There was a break above a key contracting triangle with resistance at 152.00 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a fresh upward move from the 149.00 zone. The US Dollar gained bullish momentum above 150.50 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 152.00. There was a break above a key contracting triangle with resistance at 152.00. The pair climbed above 153.50 and traded as high as 153.88.
It is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 151.45 swing low to the 153.88 high.
The current price action above the 153.20 level is positive. Immediate resistance on the USD/JPY chart is near 153.85. The first major resistance is near 154.20. If there is a close above the 154.20 level and the RSI moves above 65, the pair could rise toward 155.00.
The next major resistance is near 155.85, above which the pair could test 157.00 in the coming days. On the downside, the first major support is 153.20, below which the bears could gain strength.
The next major support is visible near the 50% Fib retracement level of the upward move from the 151.45 swing low to the 153.88 high at 152.65. If there is a close below 152.65, the pair could decline steadily. In the stated case, the pair might drop toward the 152.20 support zone. The next stop for the bears may perhaps be near the 151.45 region.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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