The Japanese Yen Trims Part of Weekly Losses Against USD
USD/JPY maintains its upward trend as the JPY only partially trims its weekly losses against the USD, despite the dollar’s slight recent weakness. The JPY's gains are limited by uncertainty surrounding a potential BoJ rate hike in December and a risk-on market sentiment, while expectations of a hawkish Fed continue to support the USD, driving the pair higher.
On the 4-hour chart, USD/JPY is trading steadily above the EMA 34 and EMA 89 levels at 151.36-151.60, which serve as key dynamic supports. The price might consolidate in this zone before rebounding to test the resistance at 152.50. If this resistance is broken, the next target will be the 153.98 zone. Conversely, a break below 151.50 could push the pair toward deeper support at 151.00 before resuming its upward trend.
With technical indicators still favoring the bullish trend and trading volume increasing near resistance levels, USD/JPY is likely to maintain its bullish momentum. The short-term target is 152.50, with a broader aim at 153.98. Traders should closely monitor key support and resistance levels to optimize their trading strategies.
On the 4-hour chart, USD/JPY is trading steadily above the EMA 34 and EMA 89 levels at 151.36-151.60, which serve as key dynamic supports. The price might consolidate in this zone before rebounding to test the resistance at 152.50. If this resistance is broken, the next target will be the 153.98 zone. Conversely, a break below 151.50 could push the pair toward deeper support at 151.00 before resuming its upward trend.
With technical indicators still favoring the bullish trend and trading volume increasing near resistance levels, USD/JPY is likely to maintain its bullish momentum. The short-term target is 152.50, with a broader aim at 153.98. Traders should closely monitor key support and resistance levels to optimize their trading strategies.
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