JPY – USD/JPY breaks through 158, extending its upward trend

The USD/JPY pair encountered resistance at 158 ​​​​in both November and December of last year, and just broke through this level slightly at the beginning of this week. The price action over the past two months has formed a double bottom pattern, suggesting that USD/JPY may be poised for another upward move. The next resistance levels expected are 158.90 and 160, with potential further upside targets at 160.60 and even 162. Near-term support is expected at 157.50 and 156.80, with the next key levels to watch being the 25-day moving average at 156.50 and 155.

Forecast Trading Range:
Resistance: 158.90 - 160.00** - 160.60 - 162.00
Support: 157.50 - 156.80 – 156.50 – 155.00

Key Focus:
Thursday
Japan December PPI (07:50)

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