USD/JPY Continues Upward Rush 30/12/2024

The USD/JPY pair remains under the influence of a bullish trend, achieving its initial target at 154.00 and reaching a peak of 154.35 in previous trading.

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Technical Analysis:

• The simple moving averages provide continued support for the bullish scenario.
• Positive signals from the Relative Strength Index further reinforce the upward momentum.

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Expected Scenarios:

Bullish Scenario (Preferred):

• As long as daily trading remains above the 156.70 pivotal support level, the bullish trend is expected to continue.
• Immediate targets include 158.15, with potential extensions to 158.50 and 158.85 if this level is breached.

Bearish Scenario (Alternative):

• A break below the 156.70 support level would invalidate the bullish outlook.
• The pair may then revisit 155.70 before any further attempts to recover upward momentum.

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Caution:

The risk level is elevated due to ongoing geopolitical tensions, and significant market volatility may occur.

Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.

S1: 157.70	R1: 158.15
S2: 157.05	R2: 158.50
S3: 156.70	R3: 158.85