USD/JPY Gains Traction
USD/JPY is rising and might climb further toward the 145.00 resistance zone.
Important Takeaways for USD/JPY Analysis Today
· USD/JPY climbed higher above the 142.50 and 143.00 levels.
· There is a major bullish trend line forming with support near 143.00 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a decent increase from the 141.50 zone. The US Dollar gained bullish momentum above 142.50 against the Japanese Yen.
It settled above the 50-hour simple moving average and 143.00. A high is formed near 143.49 and the pair is now consolidating gains. It is holding the 23.6% Fib retracement level of the upward move from the 141.51 swing low to the 143.49 high.
On the downside, the first major support is near a trend line at 143.00. The next major support is near the 142.50 level or the 50% Fib retracement level of the upward move from the 141.51 swing low to the 143.49 high. If there is a close below 142.50, the pair could decline steadily.
In the stated case, the pair might drop toward 141.50. The next stop for the bears may perhaps be near the 140.00 handle.
Immediate resistance on the USD/JPY chart is near 143.45. The first major resistance is near 143.80. If there is a close above the 143.80 level and RSI moves above 60, the pair could rise toward 144.50. The next major resistance is near 144.80, above which the pair could test 145.00 in the coming days.
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.
Important Takeaways for USD/JPY Analysis Today
· USD/JPY climbed higher above the 142.50 and 143.00 levels.
· There is a major bullish trend line forming with support near 143.00 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a decent increase from the 141.50 zone. The US Dollar gained bullish momentum above 142.50 against the Japanese Yen.
It settled above the 50-hour simple moving average and 143.00. A high is formed near 143.49 and the pair is now consolidating gains. It is holding the 23.6% Fib retracement level of the upward move from the 141.51 swing low to the 143.49 high.
On the downside, the first major support is near a trend line at 143.00. The next major support is near the 142.50 level or the 50% Fib retracement level of the upward move from the 141.51 swing low to the 143.49 high. If there is a close below 142.50, the pair could decline steadily.
In the stated case, the pair might drop toward 141.50. The next stop for the bears may perhaps be near the 140.00 handle.
Immediate resistance on the USD/JPY chart is near 143.45. The first major resistance is near 143.80. If there is a close above the 143.80 level and RSI moves above 60, the pair could rise toward 144.50. The next major resistance is near 144.80, above which the pair could test 145.00 in the coming days.
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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