Forex
USD/JPY Faces Strong Resistance as Rebound Continues
The outlook for USD/JPY remains unchanged, but strong resistance is expected from 160.62 as it reaches for higher highs.
The price rebounded from 155.22 and could potentially extend its rise, but this level will limit the upside.
If the price breaks below 159.39 minor support, a deeper fall to 157.99 is likely, while a sustained break of 160.62 will pave the way for a retest of 163.97 high.
In the bigger picture, if the 155.01 cluster support holds, the larger uptrend is expected to continue through 163.97 after the current correction completes.