Market Analysis: USD/JPY Aims Fresh SurgeMarket Analysis: USD/JPY Aims Fresh Surge
USD/JPY is rising and might gain pace above 148.20.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 147.00 and 147.40 levels.
- There is a major bearish trend line forming with resistance at 147.70 on the hourly chart.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a fresh upward move from 146.20. The US Dollar gained bullish momentum above 146.50 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 147.50. The pair climbed above 148.00 and traded as high as 148.10. It’s now consolidating gains above the 50% Fib retracement level of the upward move from the 146.73 swing low to the 148.10 high.
The current price action above 147.40 is positive. Immediate resistance on the USD/JPY chart is near a bearish trend line at 147.70 and the 50-hour simple moving average.
The first key hurdle is near 147.95. If there is a close above 147.95 and the RSI moves above 50, the pair could rise toward 148.10. The next major stop for the bulls could be 148.50, above which the pair could test 150.00 in the coming days.
On the downside, the first major support is 147.40. The next area of interest for buyers could be near the 76.4% Fib retracement at 147.05.
If there is a close below 147.05, the pair could decline steadily. In the stated case, the pair might drop toward 146.20. Any more losses might open the doors for a drop to 145.00.
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