Market Analysis: USD/JPY Continues To Rise
Market Analysis: USD/JPY Continues To Rise
USD/JPY is rising and might take out the 157.40 resistance.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 155.25 and 156.25 levels.
- There is a connecting bullish trend line forming with support at 156.85 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 155.25 zone. The US Dollar gained bullish momentum above 156.25 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 157.00. The current price action above the 157.00 level is positive. A high is formed at 157.40 and the pair might continue to rise. Immediate resistance on the USD/JPY chart is near 157.40.
The first major resistance is near 157.80. If there is a close above the 157.80 level and the RSI moves above 60, the pair could rise toward 158.50. The next major resistance is near 159.20, above which the pair could test 160.00 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 155.11 swing low to the 157.40 high at 156.85. There is also a connecting bullish trend line forming with support at 156.85.
The next major support is visible near the 50% Fib retracement level of the upward move from the 155.11 swing low to the 157.40 high at 156.25. If there is a close below 156.25, the pair could decline steadily.
In the stated case, the pair might drop toward the 155.25 support zone. The next stop for the bears may perhaps be near the 154.60 region.
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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 is rising and might take out the 157.40 resistance.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 155.25 and 156.25 levels.
- There is a connecting bullish trend line forming with support at 156.85 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 155.25 zone. The US Dollar gained bullish momentum above 156.25 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 157.00. The current price action above the 157.00 level is positive. A high is formed at 157.40 and the pair might continue to rise. Immediate resistance on the USD/JPY chart is near 157.40.
The first major resistance is near 157.80. If there is a close above the 157.80 level and the RSI moves above 60, the pair could rise toward 158.50. The next major resistance is near 159.20, above which the pair could test 160.00 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 155.11 swing low to the 157.40 high at 156.85. There is also a connecting bullish trend line forming with support at 156.85.
The next major support is visible near the 50% Fib retracement level of the upward move from the 155.11 swing low to the 157.40 high at 156.25. If there is a close below 156.25, the pair could decline steadily.
In the stated case, the pair might drop toward the 155.25 support zone. The next stop for the bears may perhaps be near the 154.60 region.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
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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