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Can the USDJPY Get the Trend Back in Play?

Published: 24.04.2023
by Joseph Jeffriess

Today’s focus USDJPY Daily Chart

Pattern Support hold/trend continuation
Possible targets – 134.95 – 137.35
Support -133.90 – 133.70
Resistance –134.70 – 134.95
Indicator support – Price above MA with upslope CCI above 0 line

Will today’s push higher turn into something more on the USDJPY? Buyers so far have set the tone with a 0.42% rally to today’s high. Some selling has taken hold in the last hour, but if buyers can hold the move, we are looking for a new move to test resistance, and if that area can be beaten, we could see a new move to 137.35 if a new trend continuation is confirmed.

Support remains at 133.90. If sellers cut down today’s move and break support, this idea is nullified for now! We need to see support hold, preferably with a solid finish on today’s candle.

The BOJ meets this Friday, and questions remain about policy regarding bond yields. Keep an eye on this, as we have seen some volatile meetings previously.

Will we finally see a break of resistance after last week’s latest hold?

USDJPY Analysis

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