Market Analysis: USD/JPY Extend Rally
USD/JPY surged and broke the 154.00 resistance zone.
Important Takeaways for USD/JPY Analysis Today
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a strong increase from the 152.60 zone. The US Dollar gained bullish momentum above 153.40 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 154.00. The current price action above the 154.00 level is positive. A high is formed at 154.78 and the pair might continue to rise. Immediate resistance on the USD/JPY chartis near 154.80.
The first major resistance is near 155.00. If there is a close above the 155.00 level and the RSI stays moves 50, the pair could rise toward 155.50. The next major resistance is near 156.20, above which the pair could test 158.00 in the coming days.
On the downside, the first major support is near the 23.6% Fib retracement level of the upward move from the 152.58 swing low to the 154.78 high at 154.25. There is also a connecting bullish trend line forming with support at 154.25.
The next major support is visible near the 50% Fib retracement level of the upward move from the 152.58 swing low to the 154.78 high at 153.70. If there is a close below 153.70, the pair could decline steadily.
In the stated case, the pair might drop toward the 152.60 support zone. The next stop for the bears may perhaps be near the 150.00 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 surged and broke the 154.00 resistance zone.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 153.40 and 154.25 levels.
- There is a connecting bullish trend line forming with support at 154.25 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a strong increase from the 152.60 zone. The US Dollar gained bullish momentum above 153.40 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 154.00. The current price action above the 154.00 level is positive. A high is formed at 154.78 and the pair might continue to rise. Immediate resistance on the USD/JPY chartis near 154.80.
The first major resistance is near 155.00. If there is a close above the 155.00 level and the RSI stays moves 50, the pair could rise toward 155.50. The next major resistance is near 156.20, above which the pair could test 158.00 in the coming days.
On the downside, the first major support is near the 23.6% Fib retracement level of the upward move from the 152.58 swing low to the 154.78 high at 154.25. There is also a connecting bullish trend line forming with support at 154.25.
The next major support is visible near the 50% Fib retracement level of the upward move from the 152.58 swing low to the 154.78 high at 153.70. If there is a close below 153.70, the pair could decline steadily.
In the stated case, the pair might drop toward the 152.60 support zone. The next stop for the bears may perhaps be near the 150.00 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.