US Dollar Surges to Fresh Highs Against Japanese Yen

US Dollar Surges to Fresh Highs Against Japanese Yen
The USDJPY currency pair has surged past the 154.78 resistance level, continuing its remarkable ascent from the 150.80 mark to a recent peak of 155.51. The upward momentum has not shown signs of abating.

Uptrend Remains Robust

The USDJPY’s trajectory is set for further elevation as long as it stays above the ascending trendline depicted on the 4-hour chart. Bulls are eyeing the 157.00 region as the subsequent significant milestone.

Despite attempts, sellers have not significantly impacted the USDJPY’s upward trend, with any declines being promptly countered by buyers.

Primary Support at 155.00

Looking ahead, the immediate support level is pegged at 155.00. Should the pair descend beneath this juncture, it might retract towards the ascending trendline support seen on the 4-hour chart.

Nonetheless, it would take a decisive breach below this trendline to suggest the onset of a more extensive consolidation phase within the broader ascent from the 146.47 trough.

Possibility of an Extended Retracement upon Trendline Breach

A downturn through the ascending 4-hour trendline support could lead to a reevaluation of the 153.58 support zone. This area may offer a strategic entry point for bulls if the prevailing uptrend persists.

Currently, the USDJPY’s upward trend is well-established, with future advancements likely to target the 157.00 level. However, traders should monitor the critical support thresholds at 155.00 and the ascending 4-hour trendline for indications of a potential extended pullback.

The USDJPY’s climb is noteworthy, with the currency pair achieving new heights beyond the 154.78 resistance. Provided the trendline support remains intact, the technical outlook stays decidedly bullish, with sights set on the 157.00 objective.

by ForexInflux.com