USD/JPY Approaches Key Resistance: What’s Next?

USD/JPY is currently testing the 147.34 resistance level, a critical point that could determine the pair’s next move.

Potential Scenarios

  • Bullish Breakout:
    • If the price breaks above the 147.34 resistance, it could trigger a further rally, with the next target being the 149.36 resistance level.
  • Support Levels to Watch:
    • Initial support is at 146.55.
    • A break below this level could lead the price back towards the rising trend line on the 4-hour chart.
    • Only a decisive break below the trend line support would signal that the uptrend from 143.44 has ended, potentially leading to a further decline toward 143.44.

Conclusion

USD/JPY is at a pivotal point, with the 147.34 resistance level in focus. A breakout could signal more gains ahead, while a drop below 146.55 may suggest a return to the rising trend line support. Keep an eye on these key levels to anticipate the pair’s next move.