Recent repeated failures to overcome resistance around 154.50, along with a break below the support level at 153.30–153.25 (previously resistance), confirm the likelihood of further downside movement in the USD/JPY pair.
However, positive oscillators on the daily chart indicate that any further decline is likely to find strong support near the round level of 153.00 or around 152.50. A drop toward 152.00, followed by a slight move below this level, could be viewed as a new trigger for the bears. Such a development would open the way for a continuation of the recent pullback from the October and November highs near 154.50, a level that was also observed in February 2025.
On the other hand, a recovery above the 153.25–153.30 resistance level is likely to encounter another obstacle near 153.65. A sustained move above this barrier would allow the USD/JPY pair to reclaim the 154.00 round level, extending its rise toward a retest of the 154.45–154.50 supply level. This area will be key, as a decisive breakout above it would enable spot prices to reach the psychological 155.00 level, and potentially advance toward 155.60–155.65, with an eventual target at the 156.00 round level.
The material has been provided by InstaForex Company - www.instaforex.com
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Recent repeated failures to overcome resistance around 154.50, along with a break below the support level at 153.30–153.25 (previously resistance), confirm the likelihood of further downside movement in the USD/JPY pair.
However, positive oscillators on the daily chart indicate that any further decline is likely to find strong support near the round level of 153.00 or around 152.50. A drop toward 152.00, followed by a slight move below this level, could be viewed as a new trigger for the bears. Such a development would open the way for a continuation of the recent pullback from the October and November highs near 154.50, a level that was also observed in February 2025.
On the other hand, a recovery above the 153.25–153.30 resistance level is likely to encounter another obstacle near 153.65. A sustained move above this barrier would allow the USD/JPY pair to reclaim the 154.00 round level, extending its rise toward a retest of the 154.45–154.50 supply level. This area will be key, as a decisive breakout above it would enable spot prices to reach the psychological 155.00 level, and potentially advance toward 155.60–155.65, with an eventual target at the 156.00 round level.
The material has been provided by InstaForex Company - www.instaforex.com