Hello everyone, today USDJPY continues its recovery streak and is fluctuating around the 147.65 level after receiving some price-boosting momentum from yesterday evening when the USD rebounded and started to recover.
The currency pair has formed a new support level around the 146.75 region. The Japanese Yen (JPY) has struggled to capitalize on modest gains during the day and has declined for the third consecutive day. Therefore, given this situation, we can still expect further price increases for USDJPY.
The two main targets as well as the resistance levels that this currency pair needs to overcome in order to continue its upward movement are 148.65 and 149.35 respectively.