USD/JPY Extends Uptrend, Targeting Resistance at 154.40
USD/JPY continues its uptrend, trading around 152.90 after JPY hit a two-week low. The weakness in JPY, driven by fading expectations of a BoJ rate hike and rising U.S. bond yields, continues to bolster USD strength.
On the 4-hour chart, USD/JPY maintains a stable upward trend with consecutive higher highs and lows. The EMA 34 and EMA 89 levels at 151.72 and 151.60, respectively, serve as strong dynamic supports, while the nearest support at 151.90 is a crucial level for sustaining bullish momentum. If the price holds above this area, USD/JPY could extend its rise, testing the key resistance at 154.40.
A breakout above this resistance could pave the way for the next target at 155.00. Conversely, a break below 151.70 may trigger selling pressure, pushing the price down to 151.00 before a potential rebound. With upward-sloping EMAs and strong buying interest near support zones, the bullish outlook remains dominant. Traders should closely monitor fundamental factors like BoJ policies and U.S. economic data for further direction.
On the 4-hour chart, USD/JPY maintains a stable upward trend with consecutive higher highs and lows. The EMA 34 and EMA 89 levels at 151.72 and 151.60, respectively, serve as strong dynamic supports, while the nearest support at 151.90 is a crucial level for sustaining bullish momentum. If the price holds above this area, USD/JPY could extend its rise, testing the key resistance at 154.40.
A breakout above this resistance could pave the way for the next target at 155.00. Conversely, a break below 151.70 may trigger selling pressure, pushing the price down to 151.00 before a potential rebound. With upward-sloping EMAs and strong buying interest near support zones, the bullish outlook remains dominant. Traders should closely monitor fundamental factors like BoJ policies and U.S. economic data for further direction.
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