Market Analysis: USD/JPY Gains Bullish Traction
Market Analysis: USD/JPY Gains Bullish Traction
USD/JPY trimmed almost all losses and showing positive signs above 156.20.
Important Takeaways for USD/JPY Analysis Today
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a decent increase from the 155.25 zone. The US Dollar gained bullish momentum above 155.95 against the Japanese Yen.
It settled above the 50-hour simple moving average and 156.20. A high was formed near 156.78 and the pair is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the 155.68 swing low to the 156.78 high.
On the downside, the first major support is near the trend line at 156.20 and the 50-hour simple moving average. The trend line is close to the 50% Fib retracement level of the upward move from the 155.68 swing low to the 156.78 high.
The next major support is near 155.95. If there is a close below 155.95, the pair could decline steadily toward 155.25. In the stated case, the pair might drop toward 154.80. The next major support sits at 154.20.
Immediate resistance on the USD/JPY chart is near 156.50. The first major resistance is near 156.80. If there is a close above the 156.80 level and the RSI moves above 60, the pair could rise toward 157.50. The next major resistance is near 158.00, above which the pair could test 160.00 in the coming days.
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 trimmed almost all losses and showing positive signs above 156.20.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 155.95 and 156.50 levels.
- There is a connecting bullish trend line forming with support near 156.20 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a decent increase from the 155.25 zone. The US Dollar gained bullish momentum above 155.95 against the Japanese Yen.
It settled above the 50-hour simple moving average and 156.20. A high was formed near 156.78 and the pair is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the 155.68 swing low to the 156.78 high.
On the downside, the first major support is near the trend line at 156.20 and the 50-hour simple moving average. The trend line is close to the 50% Fib retracement level of the upward move from the 155.68 swing low to the 156.78 high.
The next major support is near 155.95. If there is a close below 155.95, the pair could decline steadily toward 155.25. In the stated case, the pair might drop toward 154.80. The next major support sits at 154.20.
Immediate resistance on the USD/JPY chart is near 156.50. The first major resistance is near 156.80. If there is a close above the 156.80 level and the RSI moves above 60, the pair could rise toward 157.50. The next major resistance is near 158.00, above which the pair could test 160.00 in the coming days.
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.