USD/JPY Rises High, Sellers Ready to Strike Back
USD/JPY is hovering around 157.40, testing the critical resistance zone at 157.75 - 158.00, where buyers appear to be "losing steam" under increasing selling pressure. On the 4-hour chart, the uptrend remains intact, supported by the ascending price channel, with the EMA 34 (156.17) and EMA 89 (154.47) acting as solid supports. However, signs of a potential correction are emerging, putting the strategic support area at 155.94 into focus.
While the Japanese Yen continues to face pressure from the BoJ's dovish stance, the USD is strongly supported by high bond yields and expectations of a hawkish Fed. Yet, market sentiment carries an air of tension as Japan might intervene if the Yen weakens excessively, creating a "thin line" for this currency pair.
If USD/JPY fails to break through the "wall" at 158.00, a counterattack by sellers could drive the price back to the 155.94 zone or even lower to 154.50, disrupting the current uptrend. Conversely, if the price breaks out, a rapid rally toward the 159.00 level could unfold, paving the way for new highs. Traders should remain vigilant for sudden breakouts during this low-liquidity period marked by market uncertainty.
While the Japanese Yen continues to face pressure from the BoJ's dovish stance, the USD is strongly supported by high bond yields and expectations of a hawkish Fed. Yet, market sentiment carries an air of tension as Japan might intervene if the Yen weakens excessively, creating a "thin line" for this currency pair.
If USD/JPY fails to break through the "wall" at 158.00, a counterattack by sellers could drive the price back to the 155.94 zone or even lower to 154.50, disrupting the current uptrend. Conversely, if the price breaks out, a rapid rally toward the 159.00 level could unfold, paving the way for new highs. Traders should remain vigilant for sudden breakouts during this low-liquidity period marked by market uncertainty.
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