USD/JPY Aims Higher
USD/JPY is rising and might rally further above the 134.30 resistance.
Important Takeaways for USD/JPY
· USD/JPY is showing a lot of bullish signs above the 133.85 support zone.
· There is a major bearish trend line forming with resistance near 134.30 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a fresh increase from the 132.15 zone. It gained bullish momentum and was able to clear the 133.00 resistance.
Finally, there was a move above 134.00 but the bears were active near 134.70. A high was formed near 134.70 before the pair corrected lower to 133.85. It is rising again and trading above the 50-hour simple moving average.
There was a break above the 50% Fib retracement level of the downward move from the 134.70 swing high to the 133.85 low. On the upside, the pair is facing resistance near a major bearish trend line forming with resistance near 134.30.
The trend line coincides with the 61.8% Fib retracement level of the downward move from the 134.70 swing high to the 133.85 low. A clear move above the trend line resistance might call for a retest of 134.70. The next major resistance is near 135.00, above which the pair could test 135.50.
Initial support on the downside is near the 50-hour simple moving average. The first major support is near 133.85, below which the pair could start a major decline.
In the stated case, the pair might dive toward the 133.00 support. Any more losses might send the USD/JPY pair toward the 132.15 support.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
Important Takeaways for USD/JPY
· USD/JPY is showing a lot of bullish signs above the 133.85 support zone.
· There is a major bearish trend line forming with resistance near 134.30 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a fresh increase from the 132.15 zone. It gained bullish momentum and was able to clear the 133.00 resistance.
Finally, there was a move above 134.00 but the bears were active near 134.70. A high was formed near 134.70 before the pair corrected lower to 133.85. It is rising again and trading above the 50-hour simple moving average.
There was a break above the 50% Fib retracement level of the downward move from the 134.70 swing high to the 133.85 low. On the upside, the pair is facing resistance near a major bearish trend line forming with resistance near 134.30.
The trend line coincides with the 61.8% Fib retracement level of the downward move from the 134.70 swing high to the 133.85 low. A clear move above the trend line resistance might call for a retest of 134.70. The next major resistance is near 135.00, above which the pair could test 135.50.
Initial support on the downside is near the 50-hour simple moving average. The first major support is near 133.85, below which the pair could start a major decline.
In the stated case, the pair might dive toward the 133.00 support. Any more losses might send the USD/JPY pair toward the 132.15 support.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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