Technical Analysis – USDJPY flies to another higher high at 161.92
USDJPY continues its ascending move
Technical oscillators still ticking up
The RSI is developing above its uptrend line in the overbought territory, the MACD is rising above its trigger and zero lines, and the stochastic posted a bullish crossover within its %K and %D lines above the 80 level.
More upside pressures may take the market towards the immediate 162.00 round number before challenging the next psychological mark of 163.00. Also, the peak of 164.50, taken from the highs in November 1986, may act as a turning point for traders.
In the negative scenario, a downfall could drive the bears to the 160.20 support before hitting the 20-day simple moving average (SMA) at 158.75. Moving lower, the long-term ascending trend line and the 157.80 bar may pause downside movements.
In a nutshell, USDJPY has been on an acceleration since the end of 2023, with no notable bearish actions.Related Assets
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