Dear friends, the Japanese yen has been trading negatively against the US dollar for the fourth consecutive day on Friday, with the USD/JPY pair reaching its highest level in two weeks around the 144.85 area during the Asian trading session. At the time of writing, the price is trading at 144.70, indicating that USDJPY has previously escaped a prolonged downward channel and is stabilizing with a good recovery trend on the 12-hour timeframe.
With the US dollar showing signs of a rebound, the bullish camp continues to push prices higher, with a target of 147.3 being highlighted.
From an analytical perspective, I still expect prices to increase further using the breakout trading method.
Using the excellent tool from Tradingview, Fibonacci suggests that prices may retreat to the 0.5 and 0.618 levels to correct the previous strong upward momentum before any catalyst causes prices to bounce back. A breakthrough above 144.90 will accelerate the UJ price to 147.34.
Wishing you successful and lucky trades!
With the US dollar showing signs of a rebound, the bullish camp continues to push prices higher, with a target of 147.3 being highlighted.
From an analytical perspective, I still expect prices to increase further using the breakout trading method.
Using the excellent tool from Tradingview, Fibonacci suggests that prices may retreat to the 0.5 and 0.618 levels to correct the previous strong upward momentum before any catalyst causes prices to bounce back. A breakthrough above 144.90 will accelerate the UJ price to 147.34.
Wishing you successful and lucky trades!
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