The USD/JPY currency pair’s daily forecast shows that the intraday bias is currently on the upside. The ongoing rally is expected to reach the 160.20 high, with a possibility of extending to the 100% projection level of 160.37. However, there might be some resistance at that level initially. If the price falls below the minor support level of 158.24, the intraday bias could turn neutral. Nevertheless, a clear breakthrough of 160.37 could open the path towards the 161.8% projection level at 163.97.
Looking at the bigger picture, there are no indications of a long-term trend reversal at the moment. As long as the 150.87 resistance turned support level holds, further upward movement is anticipated. A decisive breach of the 160.02 mark would set the stage for targeting the 100% projection level of 164.94, calculated from the range of 127.20 to 151.89 starting from 140.25.
In recent times, the USD/JPY pair has shown resilience and strength, indicating a bullish sentiment among traders. The ongoing geopolitical developments and economic data releases have also influenced the movement of this currency pair. Traders are closely monitoring key levels and technical indicators to make informed trading decisions.
It is essential for traders to keep an eye on upcoming economic events and central bank announcements that could potentially impact the USD/JPY pair. Factors such as interest rate decisions, inflation data, and geopolitical tensions can all contribute to the volatility in the currency markets.
In conclusion, the USD/JPY daily forecast suggests a positive outlook for the currency pair in the near term. However, traders should remain cautious and implement risk management strategies to navigate through the potential market fluctuations. By staying informed and adapting to changing market conditions, traders can enhance their trading performance and capitalize on opportunities in the forex market.