USD/JPY extends winning streak as US Dollar rebounds, US data awaited

💡 DMK Insight

The USD/JPY’s rise to near 156.00 signals a potential shift in market sentiment. This uptick, now extending over three days, suggests traders are reacting to broader economic indicators, possibly influenced by recent U.S. economic data or shifts in monetary policy expectations from the Bank of Japan. A sustained move above 156.00 could trigger further buying interest, especially if it breaks through key resistance levels. Watch for any comments from central bank officials or upcoming economic reports that could impact this pair. On the flip side, if the pair fails to hold above this level, it could indicate a reversal, prompting profit-taking or short positions from traders. Keep an eye on the 156.50 resistance level; a breakout here could lead to a stronger bullish trend. Conversely, if we see a pullback, the 155.50 support level will be crucial to monitor for potential rebounds or further declines.