FX.co ★ USD/JPY

USDJPY Chart Review: Analysis of the price action of the USD/JPY currency pair will be the focus of our conversation. The price has moved from a low (zone) of 147.766 Yen per dollar and has already broken through the 157.096 price zone to reach today's high of 157.386. We can say that the price has almost got the "bearish crossover" CC -100 and CC- 200. The 158.056 and 158.796 lines are the Murray line's closest path targets. The price of the pair rose almost 5% in February. The growth rate today is 0.40%. This volatility is higher than any other more liquid currency pair. Moments of growth are still powerful, But will prices continue to rise aggressively? Generally, when the market moves against the dollar, the USD/JPY pair should also decline. Technical charts on the daily, 4-hour, and 1-hour charts support an uptrend (except for the candlestick component).

Let's see if this scenario plays out. If the pair forecasts a correction, the target will be below the 156.446 reversal line and the 154.706 yen/dollar zone. The Stochastic indicator is heading towards the resistance zone. You can safely open long positions. The pair attempted to move further north in the last trading session and is now trading above the 157.186 pivot level. If the bullish momentum continues, the price should break out of the first resistance level at 157.866. A break of this level will cause a new wave of growth for the pair and a move north above the nearby resistance line of 158.766. An alternative scenario could be a price reversal and a decline to retest the 155.276 support.