Looms near multi-year highs as bulls target 161.00
The post Looms near multi-year highs as bulls target 161.00 appeared on BitcoinEthereumNews.com.
USD/JPY registers minimal loss after hitting a daily low of 160.28. Technical outlook shows uptrend intact, with RSI in overbought conditions indicating strong buying momentum. Key resistance levels: psychological 161.00 and 162.00, followed by November 1986 high of 164.87 and April 1986 high of 178. Key support levels: Tenkan-Sen at 159.01, June 24 low of 158.75, Senkou Span A at 158.36, and Kijun-Sen at 157.70. The USD/JPY registers minimal loss after hitting a daily low of 160.28, yet the major remains approaching the 161.00 figure for the second consecutive day as the Japanese authority’s verbal jawboning has failed to contain the Yen’s depreciation. The pair trades at 160.77, down 0.03%. USD/JPY Price Analysis: Technical outlook The USD/JPY uptrend remains intact, yet traders remain cautions after they reclaimed the psychological 160.00 figure, seen as the first line of defense for Japanese authorities to intervene in the FX markets. However, the pair continued to advance steadily, although the risks of an intervention grew. Momentum favors buyers, with the Relative Strength Index (RSI) at overbought conditions. However, due to the strength of the uptrend, most technicians use 80 as “extreme” overextended conditions. That said, the USD/JPY first resistance would be the psychological levels of 161.00, 162.00, and so forth, ahead of testing November’s 1986 high of 164.87, followed by April’s 1986 high of 178. Conversely, if USD/JPY drops below 160.00, the first support would be the Tenkan-Sen at 159.01, followed by June’s 24 low of 158.75. Once those levels are cleared, the next stop would be the Senkou Span A at 158.36 and then the Kijun-Sen at 157.70. USD/JPY Price Action – Daily Chart Japanese Yen PRICE Today The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Swiss Franc.…
Filed under: News - @ June 28, 2024 2:24 am