The USDJPY currency pair has extended its impressive upside move, rallying from the 151.86 low to a high of 155.69 in recent trading sessions. The bullish momentum shows no signs of letting up just yet.
Further Upside Potential
Following the rally from 151.86, further upside follow-through in the USDJPY appears likely. The next key upside targets for the pair are the 156.50 and 158.00 areas.The bulls remain firmly in control of the directional bias while the pair trades above the 155.00 support.
Initial Support at 155.00
In the near-term, the first level of support to watch on the downside is at 155.00. A breakdown below this level could see the USDJPY pair retrace back toward the 154.00 support zone.If sellers can push the pair below 154.00, the next key support objective would be a retest of the 151.86 low.
Upside Momentum Remains Strong
For now, the USDJPY uptrend remains firmly in place, with the path of least resistance pointing to further gains toward the 156.50 and 158.00 targets.However, traders will want to keep a close eye on the 155.00 and 154.00 support areas for potential signs that a more significant pullback could be underway.
Key Levels to Watch
The key levels to watch in the USDJPY are the 156.50 and 158.00 upside targets, along with the 155.00, 154.00, and 151.86 support areas.
As long as the pair remains above 155.00 support, the near-term technical bias will remain tilted to the upside, with the 156.50 and 158.00 levels being the next objectives.
However, a breakdown below 155.00 and 154.00 would likely signal a more substantial pullback toward the 151.86 low is underway.
The USDJPY uptrend shows no signs of stalling, with the pair extending its rally from 151.86. While further gains appear likely, traders will want to closely monitor the key support levels for potential signs that the bullish momentum could be waning.