Technical Analysis – USDJPY consolidates near 3-month high
USDJPY stuck in a tight range in the past few sessions
The pair is within breathing distance from 2023 peak
Momentum indicators soften but remain positive
Should bullish pressures persist, the price might revisit its recent three-month peak of 150.87. Conquering this barricade, the bulls could attack the 2023 high of 151.90, which lies marginally below the 33-year peak of 151.94. Further advances could then cease at 154.64, which is the 123.6% Fibonacci extension of the 151.90-140.24 downleg.
On the flipside, bearish actions may send the price lower to test the 78.6% Fibo of 148.40. A violation of that territory could pave the way for the 61.8% Fibo of 147.44. Failing to halt there, the pair could descend towards the 50.0% Fibo of 146.06, which provided support in early February.
Overall, USDJPY has been trading sideways near its 2024 peak amid weakening positive momentum. Should the pair claim this barrier, there is no prominent resistance before the 33-year peak of 151.94.
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
