USDJPY Rose Above 159 on Iran Sanctions – Can Support at 159.0 Hold for a Push to 161.0?

USDJPY rebounded steadily

On Monday, USDJPY rebounded steadily, and broke above the 159 mark. It ended up 0.08% at 159.09.

Japan core CPI met market expectations in July

Japan core CPI, y/y (July) rose from 1.6% to 1.8% Vs. 1.8% (forecast), according to the data from the Statistics Bureau of Japan.

The USDX climbed

On Monday, as the US extended sanctions to Iran, and increased tariffs on Canadian goods, the USDX broke above the 99 mark for some time. It ended up 0.15% at 98.99.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, USDJPY rebounded steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that USDJPY will rise further. Investors should focus on whether USDJPY will break through the resistance at 159.8. It will climb with potential resistance at 161.0 if it breaks above 159.8.

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, KDJ went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether USDJPY will break through the support at 159.0. It will rise if it retreats but is stable above 159.0.

Key resistance: 159.8,161.0

Key support: 159.0,158.3

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