Market Analysis: USD/JPY Rallies Above 151
Market Analysis: USD/JPY Rallies Above 151
USD/JPY surged and broke the 151.00 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 147.60 zone. The US Dollar gained bullish momentum above 148.90 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 150.00. The current price action above the 151.00 level is positive. A high is formed at 151.47 and the pair might continue to rise. Immediate resistance on the USD/JPY chartis near 151.50.
The first major resistance is near 152.00. If there is a close above the 152.00 level and the RSI stays moves 60, the pair could rise toward 152.80. The next major resistance is near 153.50, above which the pair could test 155.00 in the coming days.
On the downside, the first major support is near the 23.6% Fib retracement level of the upward move from the 148.91 swing low to the 151.50 high at 150.85.
The next major support is visible near a connecting bullish trend line at 150.20 or the 50% Fib retracement level of the upward move from the 148.91 swing low to the 151.50 high. If there is a close below 150.20, the pair could decline steadily.
In the stated case, the pair might drop toward the 149.50 support zone. The next stop for the bears may perhaps be near the 147.60 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 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 is a connecting bullish trend line forming with support at 150.20 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 147.60 zone. The US Dollar gained bullish momentum above 148.90 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 150.00. The current price action above the 151.00 level is positive. A high is formed at 151.47 and the pair might continue to rise. Immediate resistance on the USD/JPY chartis near 151.50.
The first major resistance is near 152.00. If there is a close above the 152.00 level and the RSI stays moves 60, the pair could rise toward 152.80. The next major resistance is near 153.50, above which the pair could test 155.00 in the coming days.
On the downside, the first major support is near the 23.6% Fib retracement level of the upward move from the 148.91 swing low to the 151.50 high at 150.85.
The next major support is visible near a connecting bullish trend line at 150.20 or the 50% Fib retracement level of the upward move from the 148.91 swing low to the 151.50 high. If there is a close below 150.20, the pair could decline steadily.
In the stated case, the pair might drop toward the 149.50 support zone. The next stop for the bears may perhaps be near the 147.60 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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