FX.co ★ USD/JPY

Despite the small rise in USDJPY after the market opened, there is still no clarity. The trading range remains modest, and it’s hard to come up with anything inside it. The short-term reference points remain the same. If sellers manage to hold below 162.30, then the decline can continue toward 162.10. If it consolidates below 162.10, it can move down to 161.90 and 161.70. If it manages to drop below 161.70, then the USDJPY price may be dragged down to 161.50 and 161.35, and then we’ll act based on the situation. The bullish bias is still relevant, and if it drops lower, those who didn’t manage to buy will have a chance to enter long positions at a better price. If the bulls can push up from current levels, then after consolidating above 162.50, it can rise to 162.70 and 162.90. After breaking through 162.90, the USDJPY rally can continue toward 163.30, and from there the 164.00 level will become a realistic target.