USDJPY to Target 146.00 on a 144.00 Reclaim

The USDJPY is attempting to reclaim the key 144.00 level that I mentioned in the recent weekly forecast video.

It acted as support in August before flipping to resistance throughout September.

However, Wednesday’s US dollar rally has USDJPY trading back above 144.00 on an intraday basis.

The key now is whether USDJPY bulls can close the pair above 144.00.

If successful, the level should flip back to support and expose the inefficiency between 146.00 and 146.50.

We’re seeing a similar move from the DXY, which is trading above the 100.60 level it lost on Tuesday.

If the DXY can reclaim this level today, it will reestablish 100.60 as support and open up a move to the range highs near 102.00.

For USDJPY, if the USD index reclaims 100.60 convincingly, we could see targets at 146.00 and possibly 148.00.

Alternatively, a daily close back below 144.00 for USDJPY and below 100.60 for the DXY would maintain resistance.