USDJPY is a stone’s throw away from its 152.00 multi-year resistance, but do bulls have enough left in the tank to push it there?
In today’s video, I discuss key levels and targets for USDJPY, including exactly how I’m trading the pair.
Plus, I’ll share the latest on the US Dollar Index (DXY).
Let’s get started!
[embedyt] https://www.youtube.com/watch?v=qf31gXr03b0[/embedyt]USDJPY remains within striking distance of its 152.00 multi-year highs.
This is something I wrote about last week, and recent price action only supports that notion.
As mentioned in the recent weekly forecast, USDJPY is holding above 149.70 support.
The pair reclaimed the level on February 13th and has consolidated ever since.
The key now is to see USDJPY break above the short-term trend line from the 13th.
If bulls can secure the breakout and hold prices above that mark on a 4-hour closing basis, we could see USDJPY extend toward 152.00.
That seems to be the most likely scenario, given how close 152.00 is to current rates.
Multi-year levels like 152.00 tend to serve as magnets for price.
So, the closer USDJPY gets to that mark, the more likely it is that we witness another retest.
Alternatively, a sustained break below 149.70 would be bearish for USDJPY.
