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Forex news today - USD/JPY is struggling to overcome its two-day sluggishness after the bulls held around 136.30 that started on Thursday morning.
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Thus, the Yen pair posted a slight gain after rebounding from the 50-bar SMA and a two-week-old horizontal support zone. Based on the information we managed to gather from the fxstreet.com page, the reduced bearish bias from the MACD signal also seems to support the buyers of the USD/JPY currency pair. Therefore, the barometer pair is at risk of poking the resistance line that has been facing upward since early February, near 137.30 at the time of writing. It is worth noting that the weekly peak around 136.90 and the round number 137.00 could also act as immediate resistance to watch for the bulls on USD/JPY. If the Yen pair remains stronger and manages to break through 137.30, then the late 2022 peak around 138.20 will return to the charts.
On the other hand, the 50-SMA level near 135.40 acts as the immediate support level for the Yen pair. After that, the two-week-old horizontal support zone places a floor under the USD/JPY price around 135.05-25. It is also worth noting that the 100-SMA level around 134.00 with the Feb. 20 swing low around 133.95 could act as the last line of defense for USD/JPY buyers. In short, today’s forex news on USD/JPY is likely to remain strong and could once again shift the key resistance line stretching from February.
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Warning!
This analysis is based on fundamental and technical views from trusted sources, not advice or invitation. Always remember that this content is intended to enrich the reader's information. Always use independent research first regarding other forex information to be used as a reference in your trading.
