From a technical perspective, the breakout of the resistance level at 153.25–153.30 last week and the subsequent move above the key round level of 154.00 were viewed as a major bullish signal. Moreover, oscillators on the daily chart remain firmly in positive territory and are far from overbought levels. This, in turn, reinforces the likelihood of a move beyond the next resistance level at 154.50–154.75, paving the way toward the psychological level of 155.00.
On the other hand, any corrective pullback is expected to find some support near the 154.00 round level, followed by additional support at 153.65. Below that lies the 153.30–153.25 support level, which previously acted as resistance, and the 153.00 round level. If that level is broken, the path will open toward the next round level of 152.00, with interim stops near 152.55 and 152.15.
A break below the 152.00 round level would negate the positive sentiment surrounding the USD/JPY pair, pushing it toward the 151.55–151.50 level, and potentially further down to the 151.00 round level, with an intermediate pause near support at 151.15.
The material has been provided by InstaForex Company - www.instaforex.com
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From a technical perspective, the breakout of the resistance level at 153.25–153.30 last week and the subsequent move above the key round level of 154.00 were viewed as a major bullish signal. Moreover, oscillators on the daily chart remain firmly in positive territory and are far from overbought levels. This, in turn, reinforces the likelihood of a move beyond the next resistance level at 154.50–154.75, paving the way toward the psychological level of 155.00.
On the other hand, any corrective pullback is expected to find some support near the 154.00 round level, followed by additional support at 153.65. Below that lies the 153.30–153.25 support level, which previously acted as resistance, and the 153.00 round level. If that level is broken, the path will open toward the next round level of 152.00, with interim stops near 152.55 and 152.15.
A break below the 152.00 round level would negate the positive sentiment surrounding the USD/JPY pair, pushing it toward the 151.55–151.50 level, and potentially further down to the 151.00 round level, with an intermediate pause near support at 151.15.
The material has been provided by InstaForex Company - www.instaforex.com