USD/JPY Forecast Continues Strong Uptrend Towards 160 JPY
On the 4-hour chart, the USD/JPY pair is in a strong uptrend, currently trading at 157.43. The price continues to hold above the EMAs, especially the EMA 34 and EMA 89, indicating the strength of the current uptrend. Furthermore, the RSI is currently at 54.40, indicating that the market is not yet in the overbought zone, signaling a possible further increase.
A key resistance level is forming around the 158.00 to 159.00 area, where the price may face a challenge in breaking out strongly. However, if the price breaks through this area, the next target could be 160.50, the high in this uptrend.
I believe that USD/JPY is likely to continue to move towards the 160.00 area in the coming days, supported by technical factors such as EMA and RSI. If the price can sustain above 157.00 and continue to break through 158.00, the higher target at 160.00 will be achievable in the short term.
A key resistance level is forming around the 158.00 to 159.00 area, where the price may face a challenge in breaking out strongly. However, if the price breaks through this area, the next target could be 160.50, the high in this uptrend.
I believe that USD/JPY is likely to continue to move towards the 160.00 area in the coming days, supported by technical factors such as EMA and RSI. If the price can sustain above 157.00 and continue to break through 158.00, the higher target at 160.00 will be achievable in the short term.
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