Can USDJPY hold the 152.00 reclaim this week, and what might that mean for the rest of 2024?
Catch today’s video for an in-depth USDJPY setup with high potential, plus the latest on the US Dollar Index (DXY).
USDJPY is showing promising signs of a significant reclaim this month.
The 151.00-152.00 region has been on my radar for weeks, as it’s a pivotal level dating back to October 2022.
With the recent US dollar rally, USDJPY is now trading above this region, signaling the potential for a push to much higher levels.
Frequent viewers of this site know that reclaims of key zones like 152.00 often spark extended moves.
For USDJPY, this could mean a run up to levels such as 155.60 and even 160.00.
The primary objective for USDJPY bulls this week is to keep the pair above the 151.00-152.00 area.
Hold this region into the weekly close, and it sets up a confirmed reclaim, with a 155.60 target in sight.
Also, note that DXY needs to break above 104.50 this week to make way for 106.00.
This level is critical for USDJPY longs.
If DXY fails to surpass 104.50 and USDJPY slips below 151.00-152.00, it could signal a short opportunity back toward 148.00.
With the US presidential election next week, traders should brace for increased volatility leading up to the November 5th event.