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USDJPY has rallied into key resistance, will the price continue to trade higher or reverse? In this video we look at how to trade USDJPY?
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USDJPY
The price of USDJPY has rallied after breaking out of the bearish channel. Price has recently retested key resistance of 134.50 and so far has remained below. If the price was to break higher we could see buyers re-enter the market and look for the next level of resistance.
Fundamentally the price could continue to trade higher due to the Federal Reserve potentially having to hike interest rates for longer. This is down to the strong data coming out of the US. FOMC meeting minutes this week could be the catalyst that sees price trade higher. The Bank of Japan is going through a transitionary period to elect a new Governor. The BoJ is keeping interest rates super low and this does not look likely to change at the moment which could cause the JPY to weaken again.
The price on the chart has traded through multiple technical levels and some observations included:
- Price has rallied into the key resistance of 134.50.
- If price begins to change trend on a lower time frame we could see the price trade lower to support in the short term.
- If price comes into the previous highs of 133.00 we could see buyers re-enter.
- Alternatively, if price trades above 134.50-135.00 we could see price move higher.
Have you watched our Week Ahead analysis? You can see it here.
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