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USDJPY Seeks Positive Momentum: Forecast for 11-07-2024

by Daisy

The USDJPY exchange rate is currently exhibiting a steady uptrend as it nears the crucial 162.00 mark, with further gains anticipated to test the resistance level at 162.40. This upward movement is bolstered by the EMA50 providing underlying support.

A decisive breach above 161.80 would strengthen bullish sentiments, reinforcing expectations for sustained upward momentum. Conversely, a break below 161.00 could exert downward pressure on the price, targeting initial supports at 160.35 and extending downwards to 159.25 before any potential recovery.

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Today’s trading outlook suggests a range-bound movement, with support expected at 161.00 and resistance at 162.50.

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