USD/JPY Aims Higher
USD/JPY is rising and might aim more upsides if it stays above the 130.20 support.
Important Takeaways for USD/JPY
· USD/JPY is attempting a fresh increase above the 131.00 support zone.
· There was a break above a major contracting triangle with resistance near 130.00 on the hourly chart.
USD/JPY Technical Analysis
The US Dollar started a fresh increase from the 128.00 zone against the Japanese Yen. The USD/JPY pair started a decent increase above the 128.50 resistance zone.
There was a break above a major contracting triangle with resistance near 130.00 on the hourly chart. The pair even cleared the 132.00 resistance. A high was formed near 132.90 before there was a downside correction.
USD/JPY Hourly Chart
There was a move below the 131.50 level. It traded below the 38.2% Fib retracement level of the upward move from the 128.08 swing low to 132.90 high.
An initial support on the downside is near the 130.50 level. It is close to the 50% Fib retracement level of the upward move from the 128.08 swing low to 132.90 high. The first major support is near the 130.40 level or the 50 hourly simple moving average, below which the pair could start a major decline.
In the stated case, the pair might dive towards the 128.80 support zone. Any more losses might send the USD/JPY pair towards the 127.50 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for USD/JPY
· USD/JPY is attempting a fresh increase above the 131.00 support zone.
· There was a break above a major contracting triangle with resistance near 130.00 on the hourly chart.
USD/JPY Technical Analysis
The US Dollar started a fresh increase from the 128.00 zone against the Japanese Yen. The USD/JPY pair started a decent increase above the 128.50 resistance zone.
There was a break above a major contracting triangle with resistance near 130.00 on the hourly chart. The pair even cleared the 132.00 resistance. A high was formed near 132.90 before there was a downside correction.
USD/JPY Hourly Chart
There was a move below the 131.50 level. It traded below the 38.2% Fib retracement level of the upward move from the 128.08 swing low to 132.90 high.
An initial support on the downside is near the 130.50 level. It is close to the 50% Fib retracement level of the upward move from the 128.08 swing low to 132.90 high. The first major support is near the 130.40 level or the 50 hourly simple moving average, below which the pair could start a major decline.
In the stated case, the pair might dive towards the 128.80 support zone. Any more losses might send the USD/JPY pair towards the 127.50 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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