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- USD/JPY shows a strong uptrend
USD/JPY shows a strong uptrend
The hourly chart of the USD/JPY pair shows a strong uptrend that began in early July. The price is confidently holding above the MA (200) H1 moving average, which is also directed upwards, confirming the bullish mood. The pair broke through several significant resistance levels, including 147.55 and 148.30, and reached new multi-month highs around 149.20. Currently, the price is trading near its peak values, demonstrating consolidation. The MACD indicator at the bottom of the chart shows that the histogram is in the red zone and is declining, and the signal line is also pointing down, indicating a possible weakening of the upward momentum or an overdue short-term correction after strong growth.
Resistance levels are: 149.20, 150.45, 151.25
Support levels are: 148.30, 147.55, 146.85
The main scenario for the pair suggests a breakout above the resistance at 149.20 (July 16 high), which could lead to further growth toward 150.45 (April 2 high).
An alternative scenario suggests a breakout of the session low of 148.30 and there may be a decline to 147.55 (July 15 low)
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