From a technical standpoint, yesterday's close above the psychological level of 155.00 has given the USD/JPY pair new upward momentum. Moreover, oscillators on the daily chart are positive and have not yet entered overbought territory, indicating that spot prices are still oriented toward further gains. Consequently, additional strengthening of the pair beyond the intermediate resistance at 155.60 on the way back toward the round level of 156.00 appears quite likely.
On the other hand, a corrective pullback below the round level of 155.00 will encounter strong support, attracting new buyers in the 154.50 level. This level serves as a key support point; a break below it would trigger technical selling, pushing USD/JPY toward the round level of 154.00. The decline could then extend to the next significant support around 153.65, on the way toward the next round level of 153.00.
The material has been provided by InstaForex Company - www.instaforex.com
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From a technical standpoint, yesterday's close above the psychological level of 155.00 has given the USD/JPY pair new upward momentum. Moreover, oscillators on the daily chart are positive and have not yet entered overbought territory, indicating that spot prices are still oriented toward further gains. Consequently, additional strengthening of the pair beyond the intermediate resistance at 155.60 on the way back toward the round level of 156.00 appears quite likely.
On the other hand, a corrective pullback below the round level of 155.00 will encounter strong support, attracting new buyers in the 154.50 level. This level serves as a key support point; a break below it would trigger technical selling, pushing USD/JPY toward the round level of 154.00. The decline could then extend to the next significant support around 153.65, on the way toward the next round level of 153.00.
The material has been provided by InstaForex Company - www.instaforex.com