USD/JPY Remains In Uptrend
USD/JPY is also rising and might rally further above the 137.00 resistance.
Important Takeaways for USD/JPY
· USD/JPY is showing a lot of bullish signs above the 135.80 support zone.
· There is a major bullish trend line forming with support near 135.80 on the hourly chart.
USD/JPY Technical Analysis
The US Dollar started a fresh increase from the 130.00 zone against the Japanese Yen. The USD/JPY pair started a decent increase above the 132.50 resistance zone.
The pair even cleared the 135.00 resistance. A high was formed near 136.91 and the pair is now consolidating gains. There was a move below the 23.6% Fib retracement level of the upward move from the 134.06 swing low to 136.91 high.
USD/JPY Hourly Chart
An initial support on the downside is near the 135.80 level. There is also a major bullish trend line forming with support near 135.80 on the hourly chart.
The first major support is near the 135.15 level or the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the 134.06 swing low to 136.91 high, below which the pair could start a major decline.
In the stated case, the pair might dive towards the 134.00 support zone. Any more losses might send the USD/JPY pair towards the 132.50 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 showing a lot of bullish signs above the 135.80 support zone.
· There is a major bullish trend line forming with support near 135.80 on the hourly chart.
USD/JPY Technical Analysis
The US Dollar started a fresh increase from the 130.00 zone against the Japanese Yen. The USD/JPY pair started a decent increase above the 132.50 resistance zone.
The pair even cleared the 135.00 resistance. A high was formed near 136.91 and the pair is now consolidating gains. There was a move below the 23.6% Fib retracement level of the upward move from the 134.06 swing low to 136.91 high.
USD/JPY Hourly Chart
An initial support on the downside is near the 135.80 level. There is also a major bullish trend line forming with support near 135.80 on the hourly chart.
The first major support is near the 135.15 level or the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the 134.06 swing low to 136.91 high, below which the pair could start a major decline.
In the stated case, the pair might dive towards the 134.00 support zone. Any more losses might send the USD/JPY pair towards the 132.50 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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