USD/JPY Sideways, Awaiting Resistance Breakout
USD/JPY continues to trade within a narrow range around 157.00, maintaining a sideways trend on the 4-hour chart. The ascending trendline and EMA 34 (155.71) and EMA 89 (154.06) act as dynamic support, keeping the price stable despite selling pressure.
The key resistance zone at 158.30 - 158.50 remains a significant barrier, as the price has repeatedly been rejected at this level in recent sessions. If this resistance cannot be breached, USD/JPY may reverse and test support at 155.70, or even drop further to 154.50.
Selling pressure on USD/JPY is partly driven by comments from Japan's Finance Minister Kato, but the downside is limited by the strength of the USD, supported by expectations of a U.S. economic recovery and higher bond yields. With low liquidity ahead of the holiday season, the pair is likely to remain confined within this range.
If USD/JPY breaks above the 158.50 resistance, the next target is 159.00. Conversely, losing the 155.70 support could trigger further declines toward 154.50. Traders should closely monitor price reactions at these key levels to make informed decisions.
The key resistance zone at 158.30 - 158.50 remains a significant barrier, as the price has repeatedly been rejected at this level in recent sessions. If this resistance cannot be breached, USD/JPY may reverse and test support at 155.70, or even drop further to 154.50.
Selling pressure on USD/JPY is partly driven by comments from Japan's Finance Minister Kato, but the downside is limited by the strength of the USD, supported by expectations of a U.S. economic recovery and higher bond yields. With low liquidity ahead of the holiday season, the pair is likely to remain confined within this range.
If USD/JPY breaks above the 158.50 resistance, the next target is 159.00. Conversely, losing the 155.70 support could trigger further declines toward 154.50. Traders should closely monitor price reactions at these key levels to make informed decisions.
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