USD/JPY Could Extend Rally
USD/JPY is consolidating gains and might rally further above 144.20.
Important Takeaways for USD/JPY Analysis Today
· USD/JPY is trading in a positive zone above the 143.40 and 143.70 levels.
· There is a major bullish trend line forming with support near 143.70 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 141.20 zone. It gained bullish momentum and was able to clear the 142.90 resistance.
The pair even climbed above the 50-hour simple moving average and 143.70. It traded to a new multi-week high at 144.17 and is currently consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the 142.93 swing low to the 144.17 high.
The first major support on the USD/JPY chart is near a major bullish trend line at 143.70. The next major support is near the 61.8% Fib retracement level of the upward move from the 142.93 swing low to the 144.17 high at 143.40.
If there is a close below 143.40, the pair could decline steadily. In the stated case, the pair might drop toward the 142.90 support.
On the upside, the pair is facing resistance near the 144.20 level. The first major resistance is near the 144.50 level. If there is a close above the 144.50 level and RSI moves above 60, the pair could rise toward 145.40. The next major resistance is near 146.20, above which the pair could test 148.00 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 is trading in a positive zone above the 143.40 and 143.70 levels.
· There is a major bullish trend line forming with support near 143.70 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 141.20 zone. It gained bullish momentum and was able to clear the 142.90 resistance.
The pair even climbed above the 50-hour simple moving average and 143.70. It traded to a new multi-week high at 144.17 and is currently consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the 142.93 swing low to the 144.17 high.
The first major support on the USD/JPY chart is near a major bullish trend line at 143.70. The next major support is near the 61.8% Fib retracement level of the upward move from the 142.93 swing low to the 144.17 high at 143.40.
If there is a close below 143.40, the pair could decline steadily. In the stated case, the pair might drop toward the 142.90 support.
On the upside, the pair is facing resistance near the 144.20 level. The first major resistance is near the 144.50 level. If there is a close above the 144.50 level and RSI moves above 60, the pair could rise toward 145.40. The next major resistance is near 146.20, above which the pair could test 148.00 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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