Market Analysis: USD/JPY Could Extend Gains
USD/JPY surged and broke the 148.00 resistance zone.
Important Takeaways for USD/JPY Analysis Today
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a strong increase from the 146.50 zone. The US Dollar gained bullish momentum above 148.00 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 148.30. However, the pair struggled to clear the 148.70 zone. It is now correcting gains from the 148.69 high. There was a move below the 148.30 level.
On the downside, the first major support is near the 50% Fib retracement level of the upward move from the 146.97 swing low to the 148.69 high at 147.80. The next major support is visible near the 147.60 pivot level.
The 61.8% Fib retracement level of the upward move from the 146.97 swing low to the 148.69 high is also at 147.60. If there is a close below 147.60, the pair could decline steadily.
In the stated case, the pair might drop toward the 147.00 support zone. The next stop for the bears may perhaps be near the 146.20 region.
Immediate resistance on the USD/JPY chart is near a connecting bearish trend at 148.00. The first major resistance is near 148.30. If there is a close above the 148.30 level and the RSI stays moves 50, the pair could rise toward 148.70. The next major resistance is near 149.25, above which the pair could test 150.00 in the coming days.
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.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 148.00 and 148.30 levels.
- There is a connecting bearish trend line forming with resistance at 148.00 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a strong increase from the 146.50 zone. The US Dollar gained bullish momentum above 148.00 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 148.30. However, the pair struggled to clear the 148.70 zone. It is now correcting gains from the 148.69 high. There was a move below the 148.30 level.
On the downside, the first major support is near the 50% Fib retracement level of the upward move from the 146.97 swing low to the 148.69 high at 147.80. The next major support is visible near the 147.60 pivot level.
The 61.8% Fib retracement level of the upward move from the 146.97 swing low to the 148.69 high is also at 147.60. If there is a close below 147.60, the pair could decline steadily.
In the stated case, the pair might drop toward the 147.00 support zone. The next stop for the bears may perhaps be near the 146.20 region.
Immediate resistance on the USD/JPY chart is near a connecting bearish trend at 148.00. The first major resistance is near 148.30. If there is a close above the 148.30 level and the RSI stays moves 50, the pair could rise toward 148.70. The next major resistance is near 149.25, above which the pair could test 150.00 in the coming days.
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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