The USD/JPY exchange rate has surged past the 161.00 mark decisively and maintained a position above it. Analysis reveals the formation of a bullish flag pattern, signaling potential further gains in upcoming trading sessions and a resumption of the overarching bullish trend. Today’s outlook remains bullish, with the next target set at 162.40.
Traders are advised to anticipate additional positive movements throughout the day unless the price dips below 160.75, and crucially, holds below this level by the daily close.
Key support is expected at 160.80, while resistance stands at 162.40.
Trend Forecast: Bullish