USDJPY continued its upward trajectory on Monday
USDJPY continued its upward trajectory on Monday, consolidating above the 156.00 handle. Should this momentum pick up later in the week, resistance appears at 158.00, followed by 160.00. It's important to exercise caution with any ascent towards these levels, considering the possibility of FX intervention by Japanese authorities to bolster the yen. Such a move could quickly send the pair into a tailspin.
Alternatively, if selling pressure resurfaces and prompts the pair to reverse course, initial support is positioned at 154.65. While prices are expected to stabilize around this zone during a pullback, a breakdown could precipitate a swift decline toward 153.15. If weakness persists, attention could turn to trendline support and the 50-day simple moving average near 152.50.
Alternatively, if selling pressure resurfaces and prompts the pair to reverse course, initial support is positioned at 154.65. While prices are expected to stabilize around this zone during a pullback, a breakdown could precipitate a swift decline toward 153.15. If weakness persists, attention could turn to trendline support and the 50-day simple moving average near 152.50.
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