The USDJPY broke out of its previously narrow consolidation along the 136.50 price level but failed to find a clear directional bias.
Overnight, the price fluctuated between the price range of 135.75 and 137, due to the volatility of the DXY.
Currently, the price has continued to trade along the 136.50 price level and could continue to consolidate along this level in the short term.
However, as the USDJPY is still on a significant uptrend, look for a potential break of the 137-round number resistance level to signal a confirmation of the uptrend, with the next key resistance level at 138.
Support for the continuation of the uptrend comes from recent comments from the BoJ have suggested that the new Governor will stick with Kuroda line of an ultra-easy monetary policy for now and has indicated that the benefits of the BoJ stimulus outweigh the side effects.
Overnight, the price fluctuated between the price range of 135.75 and 137, due to the volatility of the DXY.
Currently, the price has continued to trade along the 136.50 price level and could continue to consolidate along this level in the short term.
However, as the USDJPY is still on a significant uptrend, look for a potential break of the 137-round number resistance level to signal a confirmation of the uptrend, with the next key resistance level at 138.
Support for the continuation of the uptrend comes from recent comments from the BoJ have suggested that the new Governor will stick with Kuroda line of an ultra-easy monetary policy for now and has indicated that the benefits of the BoJ stimulus outweigh the side effects.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join my mailing list jindaotai.com/joinme
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.