USDJPY Bullish Stance Aims for 160 Target

USD/JPY is bullish, above the 100-period SMA. But, the uptrend eased at 158.5. A break above this level can potentially trigger the uptrend, targeting 160.0.

USDJPY Technical Analysis – 7-January-2025

FxNews—The U.S. Dollar has been in a bull market, above the 100-period simple moving average in the 4-hour chart. However, buying pressure eased at 158.5 resistance.

As of this writing, the currency pair trades at approximately 157.7, stabilizing below the 158.5 critical resistance level.

Regarding the technical indicators:

• The RSI 14 depicts 53 in the description and is declining, meaning the bull market weakens.
• The Stochastic Oscillator shows 78 in the description and rising, indicating USD/JPY is not overbought.
• The Awesome Oscillator histogram is green, above zero, interpreted as the bull market should prevail.

Overall, the technical indicators suggest that the primary trend is bullish and should resume.

USDJPY Bullish Stance Aims for 160 Target

The immediate resistance is at 158.5. From a technical perspective, the uptrend from 156.0 could extend to higher resistance levels if bulls (buyers) push USD/JPY above 158.5.

If this scenario unfolds, the next bullish target could be the 160.0 mark. Please note that the bullish outlook should be invalidated if USD/JPY dips below 156.0, a support area backed by the 100-period SMA.

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The Bullish Scenario

The immediate support is at 156.0. From a technical standpoint, the downtick in momentum from 158.5 will likely resume if the value of USD/JPY drops below 156.0. In this scenario, the next bearish target could be the 154.5 mark.

USDJPY Support and Resistance Levels – 7-January-2025

Traders and investors should closely monitor the USD/JPY key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.