Technical Analysis: USDJPY

USDJPY rose to a two-week high.

On Tuesday, USDJPY stabilized and rose, breaking through the 156 to reach a two-week high.

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Japanese Prime Minister Sanae Takaichi met with Bank of Japan Governor Kazuo Ueda last week, expressing strong concerns about a possible further interest rate hike by the central bank.

The USDX rose

On Tuesday, boosted by Hawkish Fed Talk, USDX rose up 0.17% at 97.81.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, USDJPY was prone to fluctuation and climbed. The bullish market trend prevailed. 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 156.5. It will climb with potential resistance at 157.6 if it breaks above 156.5.

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, 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 155.0. It will rise if it retreats but is stable above 155.0.

Key resistance: 156.5,157.6

Key support: 155.0,154.0

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