Technical Analysis – USDJPY reaches 2022 caution zone
October 2, 2023 3:26 pm
USDJPY flirts with 2022-high levels
Uptrend intact, but key resistance levels are nearby
USDJPY has returned to where it was spotted a year ago, flirting with the 150.00 round level after printing a bullish doji candlestick at the lower band of the short-term bullish channel.
The next target is the tentative resistance line drawn from March at 150.75, while a decisive close above the 2022 high of 151.93 might be necessary for an advance towards the upper band of the channel seen at 154.40.
The technical indicators keep fluctuating within the bullish territory, though their horizontal trajectory is witnessing some skepticism.
A drop below the channel and the 20-day simple moving average (SMA) at 148.00 could motivate fresh selling towards the 50-day SMA at 145.85. Should the decline continue below the nearby base of 144.80, the spotlight will immediately turn to the tentative ascending trendline from March at 142.80.
In brief, USDJPY bulls could stay in charge in the short-term, though only a sustainable rally above the 2022 top of 151.93 could renew buying interest.
USDJPY has returned to where it was spotted a year ago, flirting with the 150.00 round level after printing a bullish doji candlestick at the lower band of the short-term bullish channel.
The next target is the tentative resistance line drawn from March at 150.75, while a decisive close above the 2022 high of 151.93 might be necessary for an advance towards the upper band of the channel seen at 154.40.
The technical indicators keep fluctuating within the bullish territory, though their horizontal trajectory is witnessing some skepticism.
A drop below the channel and the 20-day simple moving average (SMA) at 148.00 could motivate fresh selling towards the 50-day SMA at 145.85. Should the decline continue below the nearby base of 144.80, the spotlight will immediately turn to the tentative ascending trendline from March at 142.80.
In brief, USDJPY bulls could stay in charge in the short-term, though only a sustainable rally above the 2022 top of 151.93 could renew buying interest.
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