USDJPY maintains its bullish structure by consistently forming higher lows along the ascending trend line. Despite facing repeated rejection near the 162.60 level, the price has not undergone a deep correction; instead, it is consolidating just below the resistance. This indicates that buying pressure is absorbing profit-taking and awaiting an opportunity for a breakout.
The combination of the uptrend line and the Ichimoku Cloud around 162.06 currently serves as a key support zone. As long as this area holds, the bullish trend remains the favored scenario. Should the price bounce from this support and surpass 162.60, bullish momentum could extend into upcoming sessions.
Fundamentally, the USD remains supported by elevated US bond yields and positive US economic data, while expectations that the Bank of Japan (BOJ) will remain cautious regarding interest rate hikes make it difficult for the Yen to regain strength.
Trading strategy: Prioritize BUY positions while the price holds above 162.06; target 162.60.
The combination of the uptrend line and the Ichimoku Cloud around 162.06 currently serves as a key support zone. As long as this area holds, the bullish trend remains the favored scenario. Should the price bounce from this support and surpass 162.60, bullish momentum could extend into upcoming sessions.
Fundamentally, the USD remains supported by elevated US bond yields and positive US economic data, while expectations that the Bank of Japan (BOJ) will remain cautious regarding interest rate hikes make it difficult for the Yen to regain strength.
Trading strategy: Prioritize BUY positions while the price holds above 162.06; target 162.60.
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