FX.co ★ USD/JPY

T E C H N I C A L _ A N A L Y S I S U S D / J P Y Good day to everyone in the forum . Now let's talk about today's chart prepared in this time frame. USD/JPY’s market is now fluctuating around 154.76. The USD/JPY currency pair is currently trading upward. Major indicators suggest the continuation of this movement. Due to the US dollar's continued strength in the forex market, the USD/JPY currency pair is under intense positive pressure. The Relative Strength Index (RSI) indicator suggests that the market is in the north with an upward-moving average line. At the same time, the moving average convergence divergence (MACD) indicator also shows an upward pattern as the signal line or slow line is above the zero line or midline. The 50-moving average and 20-moving average confirms short positions as it remains below the price level.

The initial target will likely be 161.89 which is the 1st resistance for USD/JPY. If this candle breaks its closing resistance on this time frame, the market price will be able to create a new resistance level in the next few days, and the next resistance level for the price will be 165.76. After that, if the market proceeded positively, it would break over the resistance line at 170.43. On the other hand, I would consider selling the pair from the 153.01 level, with the first target at 143.01 and the second at 129.53. After that, the USD/JPY pair is expected to reach the 102.57 level which is the 3rd level of support. Thank you for liking my analysis. I thank you very much for the visit and the support given to this analysis. The indicators used in the chart: MACD indicator: RSI indicator period 14: 50-day exponential moving average color Orange: 20-day exponential moving average color Magenta: