USDJPY is battling a level today that could trigger a move back to 160.00.
Check out today’s video for the details, including what the US Dollar Index (DXY) needs to do to target higher levels.
Let’s get to it!
After bouncing from multi-year support at 152.00, USDJPY is testing resistance today at 155.60.
You might recall from recent videos that 155.60 is a key level that dates back to 1990.
We saw USDJPY drop below this during the latest round of Bank of Japan (BoJ) interventions.
However, the 152.00 level has given bulls renewed life, and the yen remains especially weak against the USD.
I think there’s a good chance we see USDJPY target the 159.00 – 160.00 area again, but 155.60 remains the hinge.
It will take a sustained break above 155.60 on the daily time frame to expose recent resistance like 158.30 and the 159.00 – 160.00 region.
Longing USDJPY before a reclaim is ill-advised, as you’d be buying into resistance, and that’s never a good idea.
For now, 155.60 remains key resistance for USDJPY with support coming in at 152.00.
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I always enjoy your informative sharing of the charts Justin, especially now that I am stuck in the USDJPY pair; I cannot wait for another intervention by the Japanese authorities to protect their currency so that I can get out of this trade.
At least your outlook brings me hope.