In recent trading, the USDJPY pair encountered temporary downward pressure, briefly testing the 147.00 support level. However, it swiftly rebounded and is now poised to resume its anticipated bullish trajectory on both intraday and short-term scales, with a target set at 148.40 as the next significant milestone.
This bullish outlook is substantiated by the EMA50, which continues to provide support from below. It’s worth noting that a breach of the 146.55 level could trigger a brief intraday corrective phase before potentially resuming its upward trajectory.
Market Projections
For the current trading session, the expected range is anticipated to oscillate between the support at 147.00 and the resistance at 148.40. The overall trend for the day remains bullish, reflecting the prevailing market sentiment.
Investors and traders will closely monitor these key levels and price movements as they seek to capitalize on potential opportunities in the USDJPY pair. The forthcoming trading sessions will be instrumental in determining whether the pair can maintain its upward momentum or encounters any corrective phases.
