USD/JPY Rises Strongly with Potential to Break Resistance
Updated
The USD/JPY chart shows a strong upward trend with prices fluctuating around 149.6.
Support level 1 at 149.043 and support level 2 at 148.311 are helping maintain this upward momentum. The uptrend is supported by the EMA(34) and EMA(89) lines.
If the price holds above this trendline, it is likely to continue rising towards the resistance level of 149.977. On the other hand, if the support levels are not maintained, the price may correct to lower levels before establishing a new direction.
In terms of news: USD/JPY is rising due to U.S. inflation data exceeding expectations, while Japan's declining industrial production reduces the likelihood of a BoJ rate hike. Currently, USD/JPY is testing the 151.20 resistance level with a strong potential for a breakout.
Support level 1 at 149.043 and support level 2 at 148.311 are helping maintain this upward momentum. The uptrend is supported by the EMA(34) and EMA(89) lines.
If the price holds above this trendline, it is likely to continue rising towards the resistance level of 149.977. On the other hand, if the support levels are not maintained, the price may correct to lower levels before establishing a new direction.
In terms of news: USD/JPY is rising due to U.S. inflation data exceeding expectations, while Japan's declining industrial production reduces the likelihood of a BoJ rate hike. Currently, USD/JPY is testing the 151.20 resistance level with a strong potential for a breakout.
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