Following a robust rally earlier in the week, USDJPY took a breather on Thursday, displaying a lack of clear direction but maintaining a steady position above 155.00. If gains resume, resistance looms at 158.00 and 160.00 thereafter. Traders, however, must view movements towards these levels with caution, as Tokyo may step in again to support the yen, which could precipitate a swift reversal.
On the flip side, if the bullish scenario fails to materialize and prices begin to head lower, the first support to keep an eye on appears at 154.65. On continued weakness, all eyes will be on 153.15, followed by 152.30-152.00, an important technical range, where the 50-day simple moving average aligns with a medium-term ascending trendline.
On the flip side, if the bullish scenario fails to materialize and prices begin to head lower, the first support to keep an eye on appears at 154.65. On continued weakness, all eyes will be on 153.15, followed by 152.30-152.00, an important technical range, where the 50-day simple moving average aligns with a medium-term ascending trendline.
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