Another positive close could confirm bullish formation
USDJPY has been moving back and forth around the 150 round level, hitting a high of 150.76 and a low of 149.84 throughout the day.
The upbeat US Q3 GDP report did not excite the bulls,but hopes for a continuation higher have not entirely evaporated. The price seems to have ticked above an ascending triangle, which is currently supporting the market on the downside. If the pair achieves another close higher, the pair could accelerate towards the 151.93-152.35 region formed by the 2022 top and the resistance line from March. Then, the 153.35 zone last seen in 1990 could delay any increases towards the 155.35-156.60 former constraining area.
On the downside, the 20-day simple moving average (SMA) at 149.43 has been a key floor to keep the upward pattern intact. Should it collapse this time, the price could plummet towards the 50-day SMA at 148.00, while lower, the next pivot could occur somewhere between 157.00 and 156.50.
In brief, USDJPY is still looking bullish in the short-term picture. Another green day could bolster buying incentives, whilst a negative correction beneath 149.43 is expected to activate fresh selling interest.
USDJPY unlocks new one-year high
Another positive close could confirm bullish formation
USDJPY has been moving back and forth around the 150 round level, hitting a high of 150.76 and a low of 149.84 throughout the day.
The upbeat US Q3 GDP report did not excite the bulls, but hopes for a continuation higher have not entirely evaporated. The price seems to have ticked above an ascending triangle, which is currently supporting the market on the downside. If the pair achieves another close higher, the pair could accelerate towards the 151.93-152.35 region formed by the 2022 top and the resistance line from March. Then, the 153.35 zone last seen in 1990 could delay any increases towards the 155.35-156.60 former constraining area.
On the downside, the 20-day simple moving average (SMA) at 149.43 has been a key floor to keep the upward pattern intact. Should it collapse this time, the price could plummet towards the 50-day SMA at 148.00, while lower, the next pivot could occur somewhere between 157.00 and 156.50.
In brief, USDJPY is still looking bullish in the short-term picture. Another green day could bolster buying incentives, whilst a negative correction beneath 149.43 is expected to activate fresh selling interest.
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