The USDJPY is gaining bullish traction after breaking above a key confluence zone that included the 200-hour moving average and the 50% retracement of the May decline, between 144.124 and 144.257. This area had capped the pair earlier, but today's rally clears that hurdle and shifts near-term bias to the upside.
On the downside, buyers stepped in earlier in the US session today ahead of the 200-bar moving average on the 4-hour chart, which now acts as a support level along with the broader swing area near 143.573–143.02.
Looking ahead, the next upside target comes in at 144.73, which represents the 100-bar moving average on the 4-hour chart. A break above that level would further solidify bullish momentum and open the path toward more meaningful resistance zones near 145.30 and above.
On the downside, a move back below the 200-hour moving average at 144.124 would be a setback for buyers and undermine the recent bullish breakout. Earlier today, sellers initially defended the area around the 200-hour MA and the 50% retracement, but the eventual break above marked a key shift in momentum, putting buyers back in control. Holding above this zone keeps the upside bias intact.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about usdjpy technical outlook buyers push through key resistance as momentum builds was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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