The USD/JPY pair is currently showing a bullish trend, with the possibility of testing the psychological level of 156.00 followed by the upper boundary of the ascending channel. The bullish trend would be confirmed if the MACD line crosses over the signal line. Additionally, the 14-day EMA at 154.89 is seen as the immediate support for the pair.
The pair is consolidating within the ascending channel, with the 14-day RSI positioned above the 50-level, indicating a bullish bias. The momentum indicator MACD line is above the centerline and shows convergence below the signal line, suggesting a potential buying signal for confirmation of the bullish trend.
Resistance for the USD/JPY pair is expected around the psychological level of 156.00, with a break above this level possibly leading to a test of the upper boundary of the ascending channel around 159.70. On the downside, the 14-day EMA at 154.89 is the immediate support, followed by the lower boundary of the ascending channel at 154.00 and May’s low at 151.86.
In conclusion, the USD/JPY pair continues its winning streak and is currently in a bullish trend, with the potential to test higher levels if the MACD line crosses over the signal line for confirmation. Traders should keep an eye on the key levels mentioned for potential entry and exit points in their trading strategy.
