USDJPY: The Buyer still holds control
The USD/JPY exchange rate has shown an upward trend after breaking above the 159.00 level, sparking concerns that the Japanese government or the Bank of Japan (BoJ) might intervene in the forex market.
With the Relative Strength Index continuing to rise, the momentum is currently in favor of buyers. Should USD/JPY surpass the psychological barrier of 160.00, the next resistance level to watch would be the year-to-date high of 160.32. Further gains are anticipated beyond 160.50, targeting the 161.00 level.
With the Relative Strength Index continuing to rise, the momentum is currently in favor of buyers. Should USD/JPY surpass the psychological barrier of 160.00, the next resistance level to watch would be the year-to-date high of 160.32. Further gains are anticipated beyond 160.50, targeting the 161.00 level.
Trade closed: target reached
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