USD/JPY Extends Surge
USD/JPY surged and broke the 151.00 resistance zone.
Important Takeaways for USD/JPY Analysis Today
· USD/JPY climbed higher above the 150.00 and 151.00 levels.
· There was a break above a major bearish trend line with resistance at 149.85 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 148.80 zone. The US Dollar gained bullish momentum above 150.00 against the Japanese Yen.
It settled above the 50-hour simple moving average and 151.00. However, the pair struggled to clear the 151.75 zone. It is now correcting gains from the 151.70 high. There was a move below the 151.50 level.
On the downside, the first major support is near the 23.6% Fib retracement level of the upward move from the 148.80 swing low to the 151.70 high. The next major support is near the 50-hour simple moving average at 150.25.
The 50% Fib retracement level of the upward move from the 148.80 swing low to the 151.70 high is also at 150.25. If there is a close below 150.25, the pair could decline steadily.
In the stated case, the pair might drop toward the 149.90 support zone. The next stop for the bears may perhaps be near the 148.80 region.
Immediate resistance on the USD/JPY chart is near the 151.70 zone. The first major resistance is near 152.00. If there is a close above the 152.00 level and the RSI stays above 50, the pair could rise toward 152.20. The next major resistance is near 154.00, above which the pair could test 155.00 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 150.00 and 151.00 levels.
· There was a break above a major bearish trend line with resistance at 149.85 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 148.80 zone. The US Dollar gained bullish momentum above 150.00 against the Japanese Yen.
It settled above the 50-hour simple moving average and 151.00. However, the pair struggled to clear the 151.75 zone. It is now correcting gains from the 151.70 high. There was a move below the 151.50 level.
On the downside, the first major support is near the 23.6% Fib retracement level of the upward move from the 148.80 swing low to the 151.70 high. The next major support is near the 50-hour simple moving average at 150.25.
The 50% Fib retracement level of the upward move from the 148.80 swing low to the 151.70 high is also at 150.25. If there is a close below 150.25, the pair could decline steadily.
In the stated case, the pair might drop toward the 149.90 support zone. The next stop for the bears may perhaps be near the 148.80 region.
Immediate resistance on the USD/JPY chart is near the 151.70 zone. The first major resistance is near 152.00. If there is a close above the 152.00 level and the RSI stays above 50, the pair could rise toward 152.20. The next major resistance is near 154.00, above which the pair could test 155.00 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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