Technical Analysis:
The USD/JPY pair is currently testing a significant resistance level at 155.11, near the 50-period WMA (154.74) and the 200-period WMA (153.90). This upward trend has seen consistent higher highs (HH) and higher lows (HL), reinforcing the bullish sentiment.
A successful breakout above 155.11 could target higher levels around 155.50 and 156.00. On the downside, failure to clear this resistance might bring support at 154.50 and 154.00 into focus.
Support: 🔻 154.50, 154.00
Resistance: 🔺 155.11, 155.50
Moving Averages:
📉 USD/JPY is trading above both the 50-WMA and 200-WMA, supporting a bullish outlook. A decisive move above the current resistance could amplify buying pressure.
Volume:
📊 Increasing volume as USD/JPY approaches this resistance level indicates heightened interest. High volume on a breakout could signal further upside movement.
Key Levels to Watch:
Support: 154.50, 154.00
Resistance: 155.11, 155.50
Outlook:
🚩 USD/JPY is at a critical level near 155.11. A breakout could pave the way for further gains, while a pullback may lead to a test of the support levels.
Fundamental Analysis:
The USD/JPY pair remains influenced by economic policies from the Federal Reserve and Bank of Japan. Traders will watch for any changes in interest rate expectations, as these could impact the pair’s movement near this key resistance level.
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