USDJPY : Bullish potential seems intact
Updated
Hello dear friends!
Currently, the recent recovery of USD/JPY has stalled as it fluctuates around the strong resistance level at the psychological mark of 150, not far from the highest level of 152.00 in 2022. However, there are no signs that could cause USDJPY to reverse and decline significantly.
Furthermore, this currency pair is receiving support from a series of optimistic economic data from the United States (US).
From an analytical perspective:
The price consolidation formed over the past few days is gradually narrowing and could be broken at any time, with the current target still being evaluated as 150.000. Breaking through this strong resistance level would be a very powerful upward move.
Currently, the recent recovery of USD/JPY has stalled as it fluctuates around the strong resistance level at the psychological mark of 150, not far from the highest level of 152.00 in 2022. However, there are no signs that could cause USDJPY to reverse and decline significantly.
Furthermore, this currency pair is receiving support from a series of optimistic economic data from the United States (US).
From an analytical perspective:
The price consolidation formed over the past few days is gradually narrowing and could be broken at any time, with the current target still being evaluated as 150.000. Breaking through this strong resistance level would be a very powerful upward move.
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Note
Regarding prospects: the price in the week will be influenced by important news to note this week:- Retail sales MOM announced on 17/10
- Speech by the Fed chairman announced on 19/10
Note
USD JPY is moving as analyzed, the price has broken the trendNote
Note
The dovish outlook, combined with generally optimistic risk sentiment, may persist in weakening the safe-haven Japanese Yen (JPY), indicating a higher likelihood of an upward trend for the USD/JPY pair.Note
The USD/JPY pair oscillates near the crucial resistance of 150.00 as investors watch for interest rate guidance from Federal Reserve (Fed) Chair Jerome Powell in his speech at the Economic Club of New York around 16:00 GMT.Note
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