FX.co ★ USD/JPY

Hello traders, Sellers of USDJPY attempted to break out of the trading range downwards, but failed. As a result, we saw a rebound and an increase that is likely to lead the price towards the upper boundary, closer to 148.00-148.20. From this range, there could be a downward movement targeting levels at 147.00 and 146.60, but it is possible that there might be some consolidation in the middle. The main direction in the USDJPY pair is currently determined by the US dollar, which has been depreciating more often than appreciating lately. Regarding purchases towards higher northern targets, one can consider them after a firm close above 148.20. Following this, the uptrend could continue towards 148.80 and 149.20. Ideally, it would be necessary to move even higher than these levels to have the opportunity to rise towards 150.90 and beyond. The upward movement will be invalidated if sellers manage to break below 146.60 and 146.25. More specific targets can be determined based on actual price action.