USDJPY’s price action suggests continued strength. This analysis examines the technical situation and explores potential scenarios for the currency pair.
USDJPY Maintains Uptrend:
Rising Trend Line Support: A key technical indicator for USDJPY is the rising trend line on the 4-hour chart. As long as the price remains above this trend line, the uptrend that began at 150.80 is likely to continue.
Upside Move Gains Traction: USDJPY has already reached a high of 156.86, highlighting the ongoing bullish momentum.
Upside Targets in Focus:
Further Appreciation Likely: If the uptrend persists, the next potential target zone to watch could be around the 159.00 area.
Support Levels to Consider:
156.20 Initial Support: The initial support level to monitor is at 156.20. A minor pullback could see the price retest this level.
Trend Line Support Crucial: A more significant development would be a decline below the rising trend line. This break could signal the completion of the current uptrend.
Overall Sentiment:The technical outlook for USDJPY remains bullish in the short term. The price action above the trend line and the recent highs reached support the continuation of the uptrend. However, a break below the trend line would suggest a potential reversal, so close monitoring of this level is essential.More By This Author:EURUSD Climbs: Uptrend Resumption Or Bullish Correction?
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