Technical Analysis: USD/JPY hovers around 157.00
USD/JPY trades around 157.20 on Wednesday. Analysis of the daily chart suggests a bullish inclination as the pair consolidates within an ascending channel pattern. Additionally, the 14-day Relative Strength Index (RSI) is above the 50 level, indicating a tendency for upward momentum.
A significant hurdle is noticeable at the psychological level of 158.00. A breakthrough above this level could provide support, potentially guiding the USD/JPY pair toward the upper boundary near 158.80. Further resistance is observed at 160.32, marking its highest level in over thirty years.
On the downside, the lower boundary of the ascending channel is around the 50-day Exponential Moving Average (EMA) at 155.03. A breach below this level might intensify downward pressure on the USD/JPY pair, potentially directing it toward the throwback support area around 152.80
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