The USDJPY currency pair has demonstrated significant strength, extending its upward trajectory from the low of 127.21 to reach a high of 145.06. The pair is poised for further gains in the coming weeks, with traders eyeing higher targets.
The ongoing bullish momentum suggests that USDJPY could experience continued upside movement. Traders are anticipating a further rise in the pair, with the next target seen at 149.00. This level represents a significant psychological and technical resistance, and a breakthrough could pave the way for additional gains.
If USDJPY manages to surpass the 149.00 resistance level, it would open the door for a potential move towards the higher target of 151.94.
However, it’s important to monitor key support levels that could provide potential downside corrections. The immediate support lies at 142.00, followed by a more significant support level at 137.90. A break below these levels could trigger a retracement or a temporary pause in the uptrend.
Traders should be aware that a retracement or consolidation is a natural part of price movement, even within a strong uptrend. It is crucial to evaluate the market conditions, monitor price action, and look for signs of a continuation or reversal before initiating new positions.
In conclusion, USDJPY has exhibited a strong upside move, extending its gains from 127.21 to 145.06. The pair is likely to experience further upward momentum, with targets set at 149.00 and 151.94. Traders should keep an eye on key support levels, such as 142.00 and 137.90, for potential downside corrections. Evaluating market conditions and employing appropriate risk management strategies are crucial when trading USDJPY.
