USD/JPY: Awaiting a Breakout
USD/JPY is currently trading near 154.69, moving within a consolidation phase just below the descending trendline. The resistance at 154.95 has held firm, preventing any significant bullish breakout so far, as the pair tests the limits of this range.
The support zone around 154.00-154.50 remains critical, acting as a cushion for buyers to maintain control. A breakout above the trendline could signal bullish momentum, potentially driving the price toward the 156.00 level.
On the other hand, if the pair fails to hold the support zone, sellers could push the price downward, eyeing the 153.00 level as the next target. The market appears to be in a wait-and-see mode, with traders closely watching these key levels for a clearer directional move.
The support zone around 154.00-154.50 remains critical, acting as a cushion for buyers to maintain control. A breakout above the trendline could signal bullish momentum, potentially driving the price toward the 156.00 level.
On the other hand, if the pair fails to hold the support zone, sellers could push the price downward, eyeing the 153.00 level as the next target. The market appears to be in a wait-and-see mode, with traders closely watching these key levels for a clearer directional move.
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