The USDJPY currency pair has recently broken above the key resistance level at 140.91, signaling a resumption of the uptrend from the low of 133.49. This breakthrough indicates renewed buying pressure and suggests that further upside movement could be expected in the coming days.
Traders can anticipate the pair to continue its upward trajectory, with the next target set around the 145.00 area. As the price climbs, it is important to closely monitor price action and potential areas of consolidation or resistance that may arise along the way.
In terms of support levels, immediate support can be found at the previous resistance level of 140.91. This level now serves as a crucial support, and a breach below it could signal a temporary pause or a potential retracement in the ongoing uptrend. If the price fails to hold above 140.91, the next support level to watch is at 139.84. A break below this level might indicate increased selling pressure, potentially leading to a further decline towards the key support level at 138.42.
In conclusion, the USDJPY currency pair has broken above the resistance level at 140.91, indicating a resumption of the uptrend from 133.49. Traders can anticipate further upward movement with the next target set around the 145.00 area. Immediate support lies at 140.91, followed by 139.84, and a breach below these levels could signal a temporary pause or a potential retracement. Traders should stay informed, adapt to changing market conditions, and implement effective risk management strategies to navigate the market successfully.
