Market Analysis: USD/JPY Bulls Seem Unstoppable
Market Analysis: USD/JPY Bulls Seem Unstoppable
USD/JPY surged above the 160.00 and 161.40 resistance levels.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 160.50 and 161.40 levels.
- There is a connecting bullish trend line forming with support near 161.55 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a major increase from the 160.25 zone. The US Dollar gained bullish momentum above 160.80 against the Japanese Yen.
It settled above the 50-hour simple moving average and 161.40. The upward move was such that the pair cleared the 61.8% Fib retracement level of the last key decline from the 161.95 swing high to the 160.25 low.
The current price action is positive, and the pair seems to be consolidating above the 76.4% Fib retracement level of the last key decline from the 161.95 swing high to the 160.25 low, suggesting more upsides.
Immediate resistance on the USD/JPY chart is near 161.80. The first major resistance is near 161.95. If there is a close above the 161.95 level and the RSI moves above 60, the pair could rise toward 162.50.
The next major resistance is near 163.20, above which the pair could test 165.00 in the coming days. On the downside, the first major support is near the trend line at 161.55. The next major support is near the 161.40 pivot level.
If there is a close below the 50-hour simple moving average and 161.40, the pair could decline steadily toward 160.25. In the stated case, the pair might drop toward 158.80. The next major support sits at 156.50.
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 surged above the 160.00 and 161.40 resistance levels.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 160.50 and 161.40 levels.
- There is a connecting bullish trend line forming with support near 161.55 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a major increase from the 160.25 zone. The US Dollar gained bullish momentum above 160.80 against the Japanese Yen.
It settled above the 50-hour simple moving average and 161.40. The upward move was such that the pair cleared the 61.8% Fib retracement level of the last key decline from the 161.95 swing high to the 160.25 low.
The current price action is positive, and the pair seems to be consolidating above the 76.4% Fib retracement level of the last key decline from the 161.95 swing high to the 160.25 low, suggesting more upsides.
Immediate resistance on the USD/JPY chart is near 161.80. The first major resistance is near 161.95. If there is a close above the 161.95 level and the RSI moves above 60, the pair could rise toward 162.50.
The next major resistance is near 163.20, above which the pair could test 165.00 in the coming days. On the downside, the first major support is near the trend line at 161.55. The next major support is near the 161.40 pivot level.
If there is a close below the 50-hour simple moving average and 161.40, the pair could decline steadily toward 160.25. In the stated case, the pair might drop toward 158.80. The next major support sits at 156.50.
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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