FX.co ★ Dynaa | USD/JPY

USDJPY Market Trend: In this talk, we will look at the price behavior of the USD/JPY currency pair. When we study the price analysis, we see that the chart indicates substantial strength, with buyers demonstrating strong momentum. According to my projection, this currency pair will likely trend higher on an hourly basis. The key support level of 158.261 will be important in the near future. The final goal is 159.411, which we expect to achieve in the near future. The market strongly supports a positive trajectory, and fresh factors have emerged to reinforce this tendency. For example, the price is projected to reach the 159.469 level, clearing the door for more gains. Following such a rise, it would be best to wait for a strengthened stop above this level before continuing with the bullish trend. Predicting future changes gets easier when the chance occurs. Furthermore, there is the possibility of an ascent to the 161.369 level, which would cause concern for bearish players in the middle of this bullish trend. Currently, starting a sell trade on JPY is not advised since it violates the overall market trend. The USD/JPY remains in range trading, with a neutral intra-day trend. As long as the support level of 156.319 remains stable, more gain is expected. A significant breach of the 159.219 high would signal the resumption of a strong uptrend. On the other side, we were breaking the 156.319 signal, indicating a recovery from the critical resistance at 159.459, followed by a slide to the support level of 154.809. Our key emphasis is on resistance at 159.459 (2022 high). A persistent breach of the 152.589 support level, after a retreat from 159.459, signals the conclusion of the uptrend from 127.20, with the negative picture turning below the 144.749 support line. However, a sustained break above 159.459 would affirm the continuation of the long-term uptrend, with a goal of 61.8% from 102.58 to 159.459 and 127.20 to 165.219.