Forex Trading Library

USD/JPY – 03.07.2024

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From last week, the USDJPY pair managed to break above the 160.00-20 resistance zone which kept the uptrend wave going. So far prices have reached a 161.92 high closing on the target 162.00.

As we see on the chart, the market is facing the first intraday support around 160.90. If prices remain above it, then the advance wave could sustain to test the 162.00 target and resistance.

Above 162.00, the market could add more advance toward 163.80.

Below 160.90, more of a drop could hit the market with support around 159.75-95 and 158.65.

Traders need to be alert on trading, as the USDJPY movement could call for an intervention from the BoJ.

 

SUPPORT RESISTANCE
LEVEL1 160.90 162.00
LEVEL2 159.75-95 163.80
LEVEL3 158.65 165.00

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