The USD/JPY currency pair has recently witnessed a significant bullish move, extending its upside rally from the 151.86 level to as high as 155.69. This surge in momentum suggests that further gains could potentially be on the horizon for the pair.
The next target for the bulls is the 156.50 level, followed by the 158.00 area. If the USD/JPY manages to surpass these resistance zones, it could potentially open the door for a continuation of the uptrend.
However, it’s important to note that the path higher may not be without obstacles. The initial support for the USD/JPY is now situated at the 155.00 level. If the pair encounters selling pressure and fails to hold above this support, it could potentially lead to a pullback towards the next support level around 154.00.
Should the USD/JPY break below the 154.00 support, the focus would shift back towards the previous low of 151.86, which could act as a significant target for the bears in the event of a more significant correction.
In summary, the USD/JPY has extended its upside move, suggesting that the bullish momentum remains intact. The pair is now eyeing the 156.50 and 158.00 levels as potential targets for further rallies.
However, traders should remain vigilant and closely monitor the price action around the 155.00 and 154.00 support levels, as a breakdown below these levels could potentially lead to a pullback towards the 151.86 previous low.
Traders and investors are advised to stay agile and adapt their strategies based on the evolving price action in the USD/JPY currency pair.