USDJPY: Breakout from 149.00 resistance. Why?
Hello dear friends!
In today's trading session, the upward trend continues, with USDJPY currently trading at 148.52, up 0.14% for the day and remaining stable at a high level.
The Japanese Yen has recovered slightly from its low earlier this year, amid the Bank of Japan's hawkish stance and political risks. The US dollar has halted its rally after the Non-Farm Payroll (NFP) report, reaching its highest level in nearly two months and putting some pressure on USD/JPY. The increase in US bond yields supports prospects for further USD gains and will provide support for this currency pair.
Using Fibonacci retracement levels, the UJ downtrend needs to reach the perfect level of 0.618, which is 147.94, lower than the 0.618 level. If UJ accepts the strong psychological support mentioned above, it will break through the psychological resistance at 149.00 and rally strongly towards the 1.618 level, which is 150.23.
In today's trading session, the upward trend continues, with USDJPY currently trading at 148.52, up 0.14% for the day and remaining stable at a high level.
The Japanese Yen has recovered slightly from its low earlier this year, amid the Bank of Japan's hawkish stance and political risks. The US dollar has halted its rally after the Non-Farm Payroll (NFP) report, reaching its highest level in nearly two months and putting some pressure on USD/JPY. The increase in US bond yields supports prospects for further USD gains and will provide support for this currency pair.
Using Fibonacci retracement levels, the UJ downtrend needs to reach the perfect level of 0.618, which is 147.94, lower than the 0.618 level. If UJ accepts the strong psychological support mentioned above, it will break through the psychological resistance at 149.00 and rally strongly towards the 1.618 level, which is 150.23.
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