Market Analysis: USD/JPY Aims Fresh Increase
Market Analysis: USD/JPY Aims Fresh Increase
USD/JPY is rising and might take out the 147.80 resistance.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 144.15 and 145.55 levels.
- There is a connecting bullish trend line forming with support at 147.00 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a recovery wave from the 142.00 zone. The US Dollar gained bullish momentum above 144.15 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 145.55. The current price action above the 147.00 level is positive. A high is formed at 147.81 and the pair might continue to rise. Immediate resistance on the USD/JPY chartis near 147.80.
The first major resistance is near 149.40. If there is a close above the 149.40 level and the RSI moves above 60, the pair could rise toward 150.50. The next major resistance is near 152.00, above which the pair could test 155.00 in the coming days.
On the downside, the first major support is near the 50% Fib retracement level of the upward move from the 145.42 swing low to the 147.81 high at 147.00. There is also a connecting bullish trend line forming with support at 147.00.
The next major support is visible near the 145.55 level. If there is a close below 145.55, the pair could decline steadily. In the stated case, the pair might drop toward the 144.15 support zone. The next stop for the bears may perhaps be near the 142.00 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.
USD/JPY is rising and might take out the 147.80 resistance.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 144.15 and 145.55 levels.
- There is a connecting bullish trend line forming with support at 147.00 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a recovery wave from the 142.00 zone. The US Dollar gained bullish momentum above 144.15 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 145.55. The current price action above the 147.00 level is positive. A high is formed at 147.81 and the pair might continue to rise. Immediate resistance on the USD/JPY chartis near 147.80.
The first major resistance is near 149.40. If there is a close above the 149.40 level and the RSI moves above 60, the pair could rise toward 150.50. The next major resistance is near 152.00, above which the pair could test 155.00 in the coming days.
On the downside, the first major support is near the 50% Fib retracement level of the upward move from the 145.42 swing low to the 147.81 high at 147.00. There is also a connecting bullish trend line forming with support at 147.00.
The next major support is visible near the 145.55 level. If there is a close below 145.55, the pair could decline steadily. In the stated case, the pair might drop toward the 144.15 support zone. The next stop for the bears may perhaps be near the 142.00 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.
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