The USD/JPY pair could be on the verge of a possible upward trend, with an immediate barrier around the March high of 151.97 and the psychological benchmark of 152.00. If this trend persists and crosses the 152.00 benchmark, a further climb to 152.50 resistance level could be in the horizon.
Market watchers are keeping a close eye on the pair’s movement beyond 152.00. If the pair fails to break this threshold and instead sees a downfall, it could test the supportive level at 151.50, or even lower. This movement will be impacted by varying macroeconomic factors, such as central bank policies, economic data, and geopolitical escalations.
Backing up this hypothesis of an upward trend are trailing indicators. Evident from the data from the last fiscal quarter, a clear pattern of growth appears. Moreover, industry-specific trends support the credibility of this projection, encouraging a positive outlook for future market conditions.
Throughout the European trading period, the pair revealed a horizontal trend as it lingered around the 151.70 mark. The pair’s performance remained remarkably consistent during the US trading session, despite minor bouts of volatility, managing not to fall below the 151.70 baseline.
Potential upward trend in USD/JPY pair
Yet we note signs of a potential upward movement, possibly testing the resistance at 151.95.
Technical evaluations show a consistent upward trajectory for the USD/JPY pair, with the 14-day RSI above the 50 mark and the MACD indicator implying a bullish trend. Curiously, the pair is trading towards the upper Bollinger Band, hinting at further upsides. It’s currently trading well above its pivotal support level, signaling an uptrend.
Immediate support for the pair could be at a significant low of 151.50, followed by the nine-day EMA at 151.39. Conversely, robust resistance may appear at the high of 152.20, and then the 152.50 benchmark. Volatility should not be disregarded, and diligent risk management must always be in place.
This article reflects only the individual beliefs of the writer. It does not represent any formal policy or stance of any financial body. The writer holds no accountability for the accuracy of the data provided and has no personal holdings or business connections with any mentioned companies. The data reflects the author’s personal opinions and research, unconnected to any official financial institution’s perspectives.
