USD/JPY Price Analysis: Could test 156.00 due to the hawkish bias

• USD/JPY could test the psychological level of 156.00 followed by the upper boundary of the ascending channel.
• The bullish trend would be confirmed if the MACD line crosses over the signal line.
• The 14-day EMA at 154.89 appears as the immediate support.

USD/JPY continues its winning streak for the fourth successive session, trading around 155.80 during the Asian hours on Thursday. The pair is consolidating within the ascending channel, with the 14-day Relative Strength Index (RSI) positioned above the 50-level, indicating a bullish bias.

Additionally, the momentum indicator Moving Average Convergence Divergence (MACD) line is positioned above the centerline and shows convergence below the signal line. If the MACD line crosses over the signal line, suggest a signal to buy as confirmation of a bullish trend.

The USD/JPY pair could find resistance around the psychological level of 156.00. A break above this level could lead the pair to test the upper boundary of the ascending channel around the level of 159.70.

On the downside, the 14-day Exponential Moving Average (EMA) at 154.89 appears as the immediate support, followed by the lower boundary of the ascending channel around the psychological level of 154.00. A break below this level could lead the pair to retest May’s low at 151.86 recorded on May 3.

USD/JPY: Daily Chart