USD/JPY Breaks Above Bullish Flag Pattern, Eyes Higher Levels
The US Dollar (USD) continued its upward momentum against the Japanese Yen (JPY), breaking above a bullish flag pattern on the 4-hour chart. The price cleared resistance at 157.35 and settled above both the 100 and 200 simple moving averages.
This move could be influenced by the upcoming US nonfarm payrolls data for September, which is forecast to rise by 90,000. If the bulls maintain their strength, they may aim to reach levels above 159.03, with potential resistance at 160.40 or 160.65.
A close above 160.65 could trigger a fresh rally, targeting a move to 162.00. However, if there's another pullback, support might be found near the 200 simple moving average at 157.40. The first major support level is situated at 156.40 and the 100 simple moving average.