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Technical Update - USDJPY bullish out of range to levels not seen since 1990. 155-156 in sight

Technical Update - USDJPY bullish out of range to levels not seen since 1990. 155-156 in sight

Forex 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

  • USDJPY bullish break out yesterday gives potential to the 155-156 level
  • Other JPY pairs in link below 
USDJPY yesterday broke bullish out of its range bound behaviour it has been stuck in for the past three weeks taking out the upper boundary and 2022 peak at 151.95. Now trading at levels not seen since 1990 there could still be further upside for USDJPY.

In the short term, USDJPY could target 155.30, aligning with the 2.00 Fibonacci projection of the February correction, as indicated by two vertical arrows on the chart. Minor resistance could be experienced at the 1.618 projection at 153.61.
Additionally, the 1.382 projection of the November-December 2023 correction at 153.36 could also serve as a key level to watch.

Should USDJPY retreat and close back below 151.95, it would indicate a demolision of the bullish trend, signaling a return to the previously observed range-bound behavior, but could very well resulting in a trend reversal to bearish

For traders and investors looking to explore the technical landscape of other JPY currency pairs check out the Daily Technical Update video. Published every morning 

usdjpy d 1104
Source all charts and data: Saxo Group

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