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The USDJPY price has broken through key resistance as the USD momentum continues. Could the price trade higher?

Watch the video to learn more…

USDJPY Will Traders Buy Again?

The price of USDJPY has gapped up on the open of this week showing the potential for the price to trade higher. Recently in the news the Non-Farm Payroll figures out of the US surprised investors by coming in above expectations. The USD strengthened off the back of this data causing the price of USDJPY to break above 131.00. 

In a Bank of Japan announcement current deputy Governor Amamiya has been suggested as the next Governor or the Bank of Japan. Amamiya is known to be a dovish member of the BoJ and is interested in keeping rates very low. This has seen the JPY weaken against the USD.

USDJPY Currency Trading Forex Broker 6-2-23

The price on the chart has traded through multiple technical levels and some observations included:

  • Breakout of a bullish channel.
  • Key resistance breakout at 131.00.
  • The next key resistance is 134.50.
  • Traders will be looking for the price to retest minor demand zones before going long again.

Have you watched our Week Ahead Analysis analysis? You can see it here

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