USD/JPY Approaching Key Fibonacci Resistance
Chart Analysis:
The USD/JPY pair has extended its rally and is now approaching the 78.6% Fibonacci retracement level at 157.19, a critical resistance zone for the current uptrend.
1️⃣ Fibonacci Retracement:
The 78.6% retracement of the downtrend from 161.80 to 138.00 aligns near 157.19, making it a key area for traders to watch for potential reversals or a breakout continuation.
2️⃣ Moving Averages:
50-day SMA (blue): The pair is comfortably above this level at 152.50, highlighting strong short-term bullish momentum.
200-day SMA (red): Positioned at 152.21, confirming the broader upward trend.
3️⃣ Momentum Indicators:
RSI: At 68.44, nearing overbought territory, suggesting a potential slowdown or consolidation in the short term.
MACD: Bullish momentum remains strong as the MACD line trends higher, signaling continued buying pressure.
What to Watch:
A breakout above 157.19 could open the path for a retest of the 161.80 highs.
If the pair stalls at Fibonacci resistance, traders may look for support around the 50-day SMA near 152.50.
USD/JPY is at a pivotal resistance zone. While the trend remains bullish, momentum indicators suggest caution as price approaches critical levels.
-MW
The USD/JPY pair has extended its rally and is now approaching the 78.6% Fibonacci retracement level at 157.19, a critical resistance zone for the current uptrend.
1️⃣ Fibonacci Retracement:
The 78.6% retracement of the downtrend from 161.80 to 138.00 aligns near 157.19, making it a key area for traders to watch for potential reversals or a breakout continuation.
2️⃣ Moving Averages:
50-day SMA (blue): The pair is comfortably above this level at 152.50, highlighting strong short-term bullish momentum.
200-day SMA (red): Positioned at 152.21, confirming the broader upward trend.
3️⃣ Momentum Indicators:
RSI: At 68.44, nearing overbought territory, suggesting a potential slowdown or consolidation in the short term.
MACD: Bullish momentum remains strong as the MACD line trends higher, signaling continued buying pressure.
What to Watch:
A breakout above 157.19 could open the path for a retest of the 161.80 highs.
If the pair stalls at Fibonacci resistance, traders may look for support around the 50-day SMA near 152.50.
USD/JPY is at a pivotal resistance zone. While the trend remains bullish, momentum indicators suggest caution as price approaches critical levels.
-MW
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