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Instrument: USDJPY
Bullish Preference:
Buy position is envisaged if price trades above 150.628 WithTake profit at 150.796
Bearish Preference:
Sell position is envisaged if price trades below 150.284 with Take profit at 150.099
Fundamentals:
None with High Impact
Comment:
USD/JPY rebounded on Monday and ended a three-day losing streak, boosted by a rally in U.S. yields. If gains accelerate in the coming days, resistance lies at 150.90, followed by the 2023 peak located around the 152.00 handle. Successfully piloting above this ceiling could reinforce upward impetus, paving the way for a move towards the upper boundary of a medium-term rising channel at 153.000.
On the other hand, if sellers regain control of the market and spark a bearish reversal from current levels, technical support appears at the psychological 149.00 mark, near the 50-day simple moving average. Should this floor cave in, we could witness a pullback towards 147.25 and 146.00 thereafter. Below those levels, the next area of interest is situated around 144.50.
Analysis: SCRUM Team
