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USDJPY Technicals: USDJPY extends to a new high for the day. What next?

The USDJPY is pushing to fresh highs after holding firm support near the 155.00 level earlier in the US session. That zone remains the key risk and bias defining level for today and in the sessions ahead. The latest move higher has taken the pair above the earlier intraday peak at 155.43, putting focus on the next upside target at 155.88. A break above that level would open the door toward a swing area near 156.73.On the downside, buyers showed their hand earlier when the price held above both the 100-hour moving average and a February swing area at 154.79. Today’s low came in at 154.81, holding just above that level and keeping the short-term bias tilted to the upside.The video defines the key levels in play and the roadmap for the pair today and going forward.
This article was written by Greg Michalowski at investinglive.com.

đź”— Source

đź’ˇ DMK Insight

The USDJPY’s rise above 155.00 is crucial for traders: here’s why. Holding support at 155.00 has been a pivotal moment for the USDJPY, and now that it’s pushing to fresh highs, it signals potential bullish momentum. Traders should watch for a sustained break above this level, as it could trigger further buying interest. If the pair can maintain this upward trajectory, we might see a test of resistance around 156.50 in the coming days. This aligns with broader market trends where the USD is gaining strength against the yen, influenced by recent economic data and interest rate expectations. But don’t overlook the risks—if the pair fails to hold above 155.00, we could see a rapid pullback, potentially back towards 154.00. Keep an eye on economic indicators from both the US and Japan, as they could sway market sentiment significantly. Also, monitor the behavior of institutional players; their moves could amplify volatility around these key levels.

đź“® Takeaway

Watch the 155.00 level closely; a sustained break could lead to a test of 156.50, while failure to hold may trigger a drop towards 154.00.

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