USD/JPY: Testing Resistance at 158.58, Bearish Pressure Rises
Updated
USD/JPY is trading steadily around 158.18, facing strong resistance at 158.58—a key level that has previously blocked price rallies, supported by the EMA 34 and EMA 89. On the daily chart, the pair is consolidating within a narrow range, reflecting market hesitation ahead of the Fed meeting minutes and US ADP data.
Bearish pressure is mounting as USD/JPY fails to breach the resistance, indicating a potential correction towards the support zone at 149.05 if the temporary support at 152.65 is broken. The chart also shows a developing downtrend with lower highs and lower lows.
Key factors supporting the bearish outlook include:
The Fed maintaining a "hawkish" stance and rising US bond yields.
Uncertainty surrounding BoJ's monetary policy.
Geopolitical and trade risks from the Trump administration.
In the short term, a break below 156.50 could push USD/JPY toward the 154.00 region or lower. Traders should remain cautious and closely monitor upcoming economic data to determine the next trend.
Bearish pressure is mounting as USD/JPY fails to breach the resistance, indicating a potential correction towards the support zone at 149.05 if the temporary support at 152.65 is broken. The chart also shows a developing downtrend with lower highs and lower lows.
Key factors supporting the bearish outlook include:
The Fed maintaining a "hawkish" stance and rising US bond yields.
Uncertainty surrounding BoJ's monetary policy.
Geopolitical and trade risks from the Trump administration.
In the short term, a break below 156.50 could push USD/JPY toward the 154.00 region or lower. Traders should remain cautious and closely monitor upcoming economic data to determine the next trend.
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