(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

USD/JPY Stages More Upsides, Can Bulls Aim For 160?

Article background

Aayush Jindal

Key Highlights

  • USD/JPY extended gains above the 154.00 level.
  • A major bullish trend line is forming with support at 153.95 on the 4-hour chart.
  • EUR/USD is struggling to recover above 1.0720.
  • Crude oil prices declined below the $83.50 support zone.

USD/JPY Technical Analysis

The US Dollar settled above the 150.00 level to move further into a positive zone against the Japanese Yen. USD/JPY even climbed above 154.00 and remains supported for more gains.

Looking at the 4-hour chart, the pair surged and cleared many hurdles in the past few days. There was even a move toward the 155.00 resistance zone before the pair started a consolidation phase.

Immediate support is near the 154.20 level. The next major support is at 154.00. There is also a major bullish trend line forming with support at 153.95 on the same chart. If there is a downside break below the trend line support, the pair might test 153.20.

The main support is now forming at 152.50 and the 100 simple moving average (red, 4-hour). Any more losses might send the pair toward the 200 simple moving average (green, 4-hour) at 151.00.

On the upside, the pair is facing hurdles near 154.80. The first key resistance is near the 155.00 zone. A clear move above the 155.00 resistance could send the pair further higher. In the stated case, USD/JPY bulls could even aim for a move toward 160.00.

Looking at Oil, there was a sharp decline in prices amid the Israel-Iran war situation. There was a drop below $83.50, and the bears could aim for more downsides.

Economic Releases

  • UK Retail Sales for May 2024 (YoY) - Forecast +0.1%, versus -0.4% previous.
  • UK Retail Sales for May 2024 (MoM) - Forecast +0.3%, versus 0% previous.
Great