Forex
USD/JPY Stalls at Resistance Amid Bullish Struggles
The USD/JPY pair has stumbled at resistance levels as bulls struggle to find momentum. On the four-hour chart, a rising channel is forming with support near 158.40.
A key area of interest for the bulls lies above 159.60, where they could face resistance. The next major resistance might be 160.50 and the 100 simple moving average (red, 4-hour), with a close above this level potentially starting another steady increase to 161.20.
In contrast, if there is a fresh decline, the pair might find bids near 158.50. The next major support could be near 158.00, while the main support lies at 157.20.