USDJPY: BULLISH The USDJPY currency pair has recently experienced a significant price movement, breaking through key liquidity zones of 131.575 and 131.11, which were previously defined on the 12th and 24th of January respectively. This price reaction can be attributed to various fundamental factors that were reported in the previous week.
The overall trend of the dollar index, which measures the performance of the US dollar against a basket of other currencies, has been showing signs of strength. This, in turn, has had a positive impact on the USDJPY currency pair.
To determine the next steps in this market movement, it is essential to monitor the final price fixation above the previously broken level. In my analysis, I anticipate the continuation of an upward trend for USDJPY, with short and medium-term targets set at the resistance/liquidity levels of 134.37 and 137.29. In the meantime, I'll wait for a correction to a suitable area, then I buy. The Long-term target is set at 140.00. These levels have been determined based on an in-depth market analysis and are subject to change as market conditions evolve.
