USD/JPY Eyes Breakout
USD/JPY is rising and might climb further if it clears the 148.00 resistance zone.
Important Takeaways for USD/JPY Analysis Today
· USD/JPY climbed higher above the 147.20 and 147.50 levels.
· There is a connecting bullish trend line forming with support near 147.70 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a decent increase from the 147.00 zone. The US Dollar gained bullish momentum above 147.50 against the Japanese Yen.
It settled above the 50-hour simple moving average and 147.70. A high is formed near 147.94 and the pair is now consolidating gains. On the downside, the first major support is near the trend line at 147.70 and the 50-hour simple moving average.
The trend line is close to the 23.6% Fib retracement level of the upward move from the 147.01 swing low to the 147.94 high. The next major support is near 147.50.
If there is a close below 147.50, the pair could decline steadily toward the 76.4% Fib retracement level of the upward move from the 147.01 swing low to the 147.94 high at 147.20. In the stated case, the pair might drop toward 147.00. The next major support sits at 146.20.
Immediate resistance on the USD/JPY chart is near 147.95. The first major resistance is near 148.00. If there is a close above the 148.00 level and the RSI moves above 60, the pair could rise toward 148.80. The next major resistance is near 149.20, 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 147.20 and 147.50 levels.
· There is a connecting bullish trend line forming with support near 147.70 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a decent increase from the 147.00 zone. The US Dollar gained bullish momentum above 147.50 against the Japanese Yen.
It settled above the 50-hour simple moving average and 147.70. A high is formed near 147.94 and the pair is now consolidating gains. On the downside, the first major support is near the trend line at 147.70 and the 50-hour simple moving average.
The trend line is close to the 23.6% Fib retracement level of the upward move from the 147.01 swing low to the 147.94 high. The next major support is near 147.50.
If there is a close below 147.50, the pair could decline steadily toward the 76.4% Fib retracement level of the upward move from the 147.01 swing low to the 147.94 high at 147.20. In the stated case, the pair might drop toward 147.00. The next major support sits at 146.20.
Immediate resistance on the USD/JPY chart is near 147.95. The first major resistance is near 148.00. If there is a close above the 148.00 level and the RSI moves above 60, the pair could rise toward 148.80. The next major resistance is near 149.20, 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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