USD/JPY Poised for Further Gains: The USD/JPY pair has regained its bullish momentum after surpassing the temporary resistance at 151.85. This upswing suggests a potential resumption of the long-term uptrend.
Key Levels to Watch:
- Resistance: 151.93 (key resistance, break confirms long-term uptrend)
- Support: 150.99 (minor support, break turns bias bearish)
Price Targets:
- Upside: 153.03 (61.8% projection), 155.20 (medium-term target)
- Downside: Deeper pullback if 150.99 breaks
Bigger Picture: The correction from the 2023 high (151.87) might be over, with the uptrend potentially ready to pick up steam again. A decisive break above 151.93 would solidify this bullish outlook.
Overall, the technical analysis favors the USD/JPY bulls. A confirmation of the long-term uptrend hinges on a break above 151.93, opening the door for a potential rise towards 153.03 and beyond. However, a break below 150.99 could indicate a bearish shift and a deeper pullback.