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USD/JPY registers back-to-back bullish days on Wednesday after testing key support at the 20-day Simple Moving Average (SMA) around 158.24 on Monday, yet it remains shy of clearing the key weekly high of 159.65 hit on Monday. At the time of writing, the pair trades at 159.27, up 0.36%.
💡 DMK Insight
USD/JPY is showing bullish momentum, but it’s still facing resistance at 159.65. The recent bounce off the 20-day SMA at 158.24 indicates that buyers are stepping in, but the inability to break above the weekly high of 159.65 suggests a potential consolidation phase. Traders should watch for a decisive move above this level to confirm a stronger bullish trend. If it fails to clear this resistance, we could see a pullback towards the SMA, which would be a critical level to monitor for potential buying opportunities. Look out for any economic data releases that could impact the USD or JPY, as these could trigger volatility. The current price action suggests that institutional players might be positioning themselves ahead of key events, so keeping an eye on volume and order flow around these levels will be crucial.
📮 Takeaway
Watch for USD/JPY to break above 159.65; failure to do so could lead to a pullback towards 158.24.
