Technical Analysis: USDJPY

USDJPY broke above the 159 mark

On Monday, USDJPY climbed for the 6^th straight trading day and broke above the 159 mark, reaching a two-week high.

Japan GDP was higher than expected in the first quarter

Japan GDP, q/q (Quarter 1) increased from 0.2% to 0.5% Vs. 0.4% (forecast), according to the data from the Cabinet Office of China.

The USDX decreased after rising for four consecutive days

On Monday, the USDX fell from a high level after rising for four consecutive days. It ended down 0.32% at 98.98.

The bullish market trend prevailed

the Chart of the Day

On the chart of the day, USDJPY continued rising. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that USDJPY will rise further. Investors should focus on whether USDJPY will break through the resistance at 159.5. It will climb with potential resistance at 160.7 if it breaks above 159.5.

4-hour chart

On the 4-hour chart, USDJPY was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD stayed at a high level, showing that the market trend is bullish. Investors should focus on whether USDJPY will break through the support at 158.6. It will rise if it retreats but is stable above 158.6.

Key resistance: 159.5,160.7

Key support: 158.6,158.0

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as USDJPY retreats during the day.