USD/JPY is also rising and might rally further above the 132.60 resistance.
Important Takeaways for USD/JPY
· USD/JPY is showing a lot of bullish signs above the 131.80 support zone.
· There was a break above a major bearish trend line with resistance near 131.50 on the hourly chart.
USD/JPY Technical Analysis
The US Dollar started a fresh increase from the 130.50 zone against the Japanese Yen. The USD/JPY pair started a decent increase above the 131.20 resistance zone.
There was a break above a major bearish trend line with resistance near 131.50 on the hourly chart. The pair even cleared the 132.00 resistance. There was a move above the 50% Fib retracement level of the downward move from the 133.85 swing high to 130.53 low.
USD/JPY Hourly Chart
On the upside, the pair is facing resistance near the 132.60 zone. It is near the 61.8% Fib retracement level of the downward move from the 133.85 swing high to 130.53 low.
A clear move above the 132.60 resistance might start a strong increase. The next major resistance is near 133.80, above which the pair could test 134.50.
An initial support on the downside is near the 132.00 level. The first major support is near the 131.80 level or the 50 hourly simple moving average, below which the pair could start a major decline.
In the stated case, the pair might dive towards the 130.50 support zone. Any more losses might send the USD/JPY pair towards the 130.00 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 131.80 support zone.
· There was a break above a major bearish trend line with resistance near 131.50 on the hourly chart.
USD/JPY Technical Analysis
The US Dollar started a fresh increase from the 130.50 zone against the Japanese Yen. The USD/JPY pair started a decent increase above the 131.20 resistance zone.
There was a break above a major bearish trend line with resistance near 131.50 on the hourly chart. The pair even cleared the 132.00 resistance. There was a move above the 50% Fib retracement level of the downward move from the 133.85 swing high to 130.53 low.
USD/JPY Hourly Chart
On the upside, the pair is facing resistance near the 132.60 zone. It is near the 61.8% Fib retracement level of the downward move from the 133.85 swing high to 130.53 low.
A clear move above the 132.60 resistance might start a strong increase. The next major resistance is near 133.80, above which the pair could test 134.50.
An initial support on the downside is near the 132.00 level. The first major support is near the 131.80 level or the 50 hourly simple moving average, below which the pair could start a major decline.
In the stated case, the pair might dive towards the 130.50 support zone. Any more losses might send the USD/JPY pair towards the 130.00 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.