USD/JPY Soars to New Heights Amid Bullish Sentiment
USD/JPY has resumed its upward trend after clearing the 155.50 resistance level, and analysts believe it could reach as high as 162.50 if the bulls maintain their momentum.
The pair settled above several key technical levels, including the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour), and the 61.8% Fib retracement level of the downward move from the 160.39 swing high to the 152.88 low.
With support at 158.20 forming a bullish trend line on the 4-hour chart, it seems unlikely that the pair will decline significantly in the near term. However, if there is a close below 157.50, it could accelerate the downward movement and potentially reach as low as 155.80 or the 100 simple moving average (red, 4-hour).
In related news, EUR/USD has declined heavily and traded below 1.1400, with the bears showing no signs of losing momentum.