Market Analysis: USD/JPY Eyes More GainsMarket Analysis: USD/JPY Eyes More Gains
USD/JPY is rising and might gain pace above the 158.00 resistance.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 156.50 and 157.30 levels.
- There is a major bearish trend line forming with resistance at 157.75 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a fresh upward move from the 156.00 zone. The US Dollar gained bullish momentum above 156.85 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 157.30. The pair climbed above 157.50 and traded as high as 157.77. It is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 156.87 swing low to the 157.77 high.
The current price action above the 157.30 level is positive. Immediate resistance on the USD/JPY chart is near 157.75. There is also a major bearish trend line forming with resistance at 157.75.
The first major resistance is near 158.05. If there is a close above the 158.05 level and the RSI moves above 70, the pair could rise toward 158.80.
The next major resistance is near 159.20, above which the pair could test 160.00 in the coming days. On the downside, the first major support is 157.30 or the 50% Fib retracement level of the upward move from the 156.87 swing low to the 157.77 high, below which the bears could gain strength.
The next major support is visible near the 156.85 level. If there is a close below 156.85, the pair could decline steadily. In the stated case, the pair might drop toward the 156.00 support zone. The next stop for the bears may perhaps be near the 155.45 region.
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.
