USD/JPY Breakout Accelerates as Bulls Take Control

The USD/JPY currency pair has broken out of its previous resistance zone and is continuing to rise. The pair cleared the key hurdle at 163.20, a level it had been struggling to surpass. In doing so, it also broke above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

The bulls are now in control of trading, with the pair facing resistance near 164.00. A close above this level could lead to a steady increase, potentially targeting 165.00 or even 165.20.

However, if there is a downside correction, the pair might find bids near 163.50. The main support for the pair remains at 163.00, with a key bullish trend line forming at this level.