FxNews—The USD/JPY currency pair started its bullish trajectory from 151.50, critical support backed by the 100-period simple moving average. As of this writing, the pair is stabilizing the price above the 153.90 active support, while the Awesome oscillator histogram flipped above the signal line, indicating the bull market is strengthening.
USDJPY Technical Analysis – 6-October-2024
From a technical perspective, the outlook of the USD/JPY trend remains bullish as long as the price is above the 151.5 mark or the 100-period simple moving average.
In this scenario, the next bullish target could be the %78.6 Fibonacci retracement level at 157.1.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
