Key USDJPY Support at 151 Faces Stochastic Oversold Alert
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FxNews—The USD/JPY currency pair's dip from 153.9 eased near the 23.6% Fibonacci support level. Meanwhile, the Stochastic Oscillator signals an oversold condition. Furthermore, the market outlook remains bullish if the price holds above the 151.0 mark.
The uptrend could be triggered if bulls close the USD/JPY price above the 153.0 immediate resistance. In this scenario, the next bullish target could be the 157.0 mark.
The uptrend could be triggered if bulls close the USD/JPY price above the 153.0 immediate resistance. In this scenario, the next bullish target could be the 157.0 mark.
Note
The bull market in the USD/JPY currency pair was triggered after the price consolidated near the 151.5 immediate support.
As of this writing, the pair is testing the October 28 high at 153.74. Meanwhile, the technical indicators suggest the uptrend should resume.
A close above the 153.9 resistance in the 4-hou chart will likely gradually cause the USD/JPY price to target the upper band of the bullish flag.
Trade fermée: cible de profit atteinte
The target of 153.9 is reached.
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