USDJPY: Rising Triangle Breakout, Heading Toward 155.00
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Overall, USDJPY has experienced significant price conflict (indicated by a previously broken resistance line in the market cap-expanding bullish channel) with price gains moving past the 150.00-151 level .00. It is currently trading at a new high of 151.74, after touching 150.25-150.50 with a false break from previous resistance, which at the time of writing marked a 0.04% gain. during the day. So what reasons and factors are driving this pair's growth?
Regarding influencing factors:
The US dollar (USD) extended this week's downward correction from its highest since February 14 for a third straight day amid uncertainty over the Federal Reserve's path to interest rate cuts state (Fed). This further contributes to keeping the USD/JPY pair below the 152.00 mark. However, the downside is still mitigated by expectations that the interest rate gap between the US and Japan will remain wide. Traders may also want to stay on the sidelines ahead of the release of the key US NFP report on Friday.
Regarding the new outlook for USDJPY:
On the 4H chart, a triangle is already established, USDJPY is currently receiving strong support at 151.50 - 151.39 lower at strong support around the breakout level of 150.00. A break below this level will result in a significant price drop, while a sustainment of this level will result in an increase in price. When observed carefully, it can be seen that the support of the two moving averages at 34.89 (EMA) can bring profits to buying investors. Both the short-term and medium-term outlook show that the price uptrend is gradually strengthening. A breakout above this level could support further upside, potentially allowing the USD/JPY pair to explore the area around the key 152.50 and even 155.00 levels.
Overall, USDJPY has experienced significant price conflict (indicated by a previously broken resistance line in the market cap-expanding bullish channel) with price gains moving past the 150.00-151 level .00. It is currently trading at a new high of 151.74, after touching 150.25-150.50 with a false break from previous resistance, which at the time of writing marked a 0.04% gain. during the day. So what reasons and factors are driving this pair's growth?
Regarding influencing factors:
The US dollar (USD) extended this week's downward correction from its highest since February 14 for a third straight day amid uncertainty over the Federal Reserve's path to interest rate cuts state (Fed). This further contributes to keeping the USD/JPY pair below the 152.00 mark. However, the downside is still mitigated by expectations that the interest rate gap between the US and Japan will remain wide. Traders may also want to stay on the sidelines ahead of the release of the key US NFP report on Friday.
Regarding the new outlook for USDJPY:
On the 4H chart, a triangle is already established, USDJPY is currently receiving strong support at 151.50 - 151.39 lower at strong support around the breakout level of 150.00. A break below this level will result in a significant price drop, while a sustainment of this level will result in an increase in price. When observed carefully, it can be seen that the support of the two moving averages at 34.89 (EMA) can bring profits to buying investors. Both the short-term and medium-term outlook show that the price uptrend is gradually strengthening. A breakout above this level could support further upside, potentially allowing the USD/JPY pair to explore the area around the key 152.50 and even 155.00 levels.
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