Last week, the USD/JPY currency pair experienced limited movement, trading within a range of 149.00 to 150.30. After a notable surge from the 140.00 level, the price reached a high of 150.30—its peak between September and October. However, on Friday, a slight pullback occurred, and the pair is currently hovering around the 149.50 mark.
Technical Analysis
In our four-hour timeframe analysis, the price remains above both the 50 EMA and the 200 EMA moving averages, which are providing support against further declines. Key medium-term support levels to watch are at 148.30 and 147.30. On the resistance side, we’re focused on the levels of 152.00 and 154.60.
USD to JPY forecast:
As we move forward, we anticipate bullish behavior for the USD/JPY in the upcoming sessions, with the potential to test the 152.00 resistance level. If the price stabilizes there, the next target could be 154.50. However, there may be a short-term dip, possibly testing lower levels around 149.30 to 149.10 before the upward trend resumes.
On the downside, if the USD/JPY falls below 148.80, keep an eye on the next support level at 148.30.
Overall, we maintain an optimistic bullish outlook for USD/JPY, closely monitoring key support and resistance levels as the market evolves.
