USD/JPY Trades Sideways Within a Narrow Range
Updated
USD/JPY is currently trading near 157.23, displaying a clear sideways trend on the 4-hour timeframe. The chart indicates the pair fluctuates within the price range of 155.70 - 158.20, reinforced by selling pressure from the strong resistance at 158.20 and solid support at 155.70. The EMA 34 and EMA 89 serve as dynamic supports, providing a foundation to keep the price above the support zone.
The recent upward movement in USD/JPY has been fueled by a stronger US dollar, driven by risk-off sentiment following weak PMI data from China. However, thin liquidity due to Japan’s holiday could amplify short-term price volatility.
In the short term, if USD/JPY breaks above the 158.20 resistance, the price could rise to the 159.00 level or higher. Conversely, if the price falls below the 155.70 support, the next downside target would be 154.50. Traders should closely monitor key fundamentals, including US bond yield movements and market sentiment, to make informed trading decisions.
The recent upward movement in USD/JPY has been fueled by a stronger US dollar, driven by risk-off sentiment following weak PMI data from China. However, thin liquidity due to Japan’s holiday could amplify short-term price volatility.
In the short term, if USD/JPY breaks above the 158.20 resistance, the price could rise to the 159.00 level or higher. Conversely, if the price falls below the 155.70 support, the next downside target would be 154.50. Traders should closely monitor key fundamentals, including US bond yield movements and market sentiment, to make informed trading decisions.
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