The USDJPY price surged beyond expectations yesterday, exceeding the anticipated level of 160.20 and edging closer to the extended target of 160.00. This upward movement has paved the way for continued gains in both the short-term and medium-term outlooks, supported by a bullish channel. Analysts suggest this channel enhances the prospects for further bullish momentum in upcoming sessions, with a projected target of 162.00.
While the Relative Strength Index (RSI) indicates some negativity, potentially leading to brief sideways movement, experts anticipate the uptrend to resume shortly. They caution, however, that a breach below the 159.75 mark could halt the current bullish momentum, prompting a corrective bearish phase in intraday trading.
Projected trading range: Analysts foresee the USDJPY trading between a support level at 159.75 and a resistance level at 161.40 in the near term.