USDJPY technicals
USDJPY has shown more bullish momentum as the day comes to the end of the week. The USDJPY price has now stretched above the 100-hour moving average (MA) and a key swing area, signaling potential further upside. Earlier today at session lows, the buyers leaned near the 200-hour MA, reinforcing support and providing a base for the current upward movement.
Key Technical Observations:
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100-hour MA Breakout: The price has broken above the 100-hour MA (149.18), indicating bullish control.
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200-hour MA as Support: Buyers held firm near the 200-hour MA (148.72), confirming it as a key support zone.
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Ascending Channel Formation: The price is moving within an upward channel, with resistance and support levels a good ways away.
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Resistance Levels:
- 149.656: The high from Friday
- 150.00: Natural resistance target
- 150.11 – 150.28: Swing area and high for the week
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Support Levels:
- 149.18 (100-hour MA): Holding above this level keeps the bullish outlook intact.
- 148.72 (200-hour MA): A break below this could shift sentiment bearish.
- 148.56 to 148.72: Swing area and near the upward sloping channel trend line.
Outlook:
- Bullish Case: Holding above 149.18 and a move toward 150.00+ could signal further buying pressure.
- Bearish Case: If price falls back below 149.18, sellers may regain control, targeting 148.72 and lower.
Traders should watch price action around these levels for confirmation of the next trend direction.
