FX.co ★ remington.kihn | USD/JPY

The USDJPY currency pair continues to show an upward trend. From a technical analysis perspective, on the four-hour chart, the price is trading above the cloud, above the Kijun-sen and Tenkan-sen signal lines, the Chikou span line is above the price chart, and a "golden cross" is active. The relative strength indicator is moving above the 50 level, the volumes of the MACD oscillator are increasing, and the "trend filter" oscillator is colored green, indicating a bullish market sentiment. Currently, buying is the priority. The nearest potential target for the upward movement is seen at the resistance level of 156.22. If the bulls manage to break this level, we may likely see an increase in quotes towards the level of 157.76. Buying will be the priority as long as the price is trading above the critical Kijun-sen line. A pullback to this level will reduce the relevance of buying. An alternative scenario would be a price consolidation below the cloud, with the condition of the formation of a "dead cross" by the signal lines.