USD/JPY: Price Analysis and Forecast. Current Market Situation

[Ben Graham]

On Tuesday, bulls for the Japanese yen maintain control. The price failure near the monthly high around 153.25, followed by the subsequent drop, requires caution for bulls in the USD/JPY pair. However, positive oscillators on the daily chart indicate the emergence of buyers at the dip near the round figure of 152.00, from the 151.75 level. A confident breakthrough of the latter would negate the positive outlook, opening the way for deeper losses towards the zone of 151.15–151.00, with intermediate support around 151.50–151.45.

On the other hand, the range of 152.83–153.00 now serves as the nearest resistance before the target zone near the monthly high around 153.25–153.30. Above this level, the USD/JPY pair will attempt to reclaim the round level of 154.00. Momentum may continue toward the next significant resistance at 154.75, on the way to the psychological level of 155.00.

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