Technical Analysis: USD/JPY remains above 159.50
USD/JPY trades around 159.70 on Monday. Analyzing the daily chart shows a bullish bias, with the pair testing the upper boundary of an ascending channel pattern. Moreover, the 14-day Relative Strength Index (RSI) is above the 50 level, suggesting a tendency for upward momentum.
The surpassing of the upper threshold of the ascending channel pattern will reinforce the bullish sentiment and lead the pair to approach he level of 160.32, marked in April as the highest level in over thirty years, which represents a major resistance.
On the downside, the immediate support appears at the nine-day Exponential Moving Average (EMA) at 158.42. A breach below this level could intensify downward pressure on the USD/JPY pair, potentially driving it toward the lower boundary of the ascending channel around the level of 155.60. A break below this level could exert pressure on the pair to test the throwback support around the 152.80 level.
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