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The USD/JPY pair continues to exhibit a robust upward trend, extending its gains to reach its peak during the early trading hours of today’s session, reaching approximately 154.73.
From a technical standpoint, upon closer examination of the 4-hour chart, we observe the pair successfully retesting the 153.60 support level, prompting a subsequent upward rebound. Additionally, the simple moving averages continue to underpin the daily uptrend in prices.
As long as trading remains above the sturdy support level at 154.00, the upward trajectory remains intact, with a target set at 155.10. It’s noteworthy that breaching the aforementioned level serves as a significant catalyst, enhancing the likelihood of reaching 155.45 as the subsequent key milestone.
Conversely, a breach below 154.00, particularly 153.95, would subject the pair to considerable downward pressure, aiming to retest support levels at 153.20 and 152.80 before resuming upward attempts.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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