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USD/JPY stalls near 162.80 as traders watch 161.60 support
The dollar pair rose above 162.00 after moving past 160.80, but a rejection near 162.80 leaves support in focus at 161.60, with a potential move toward 160.80 if losses extend.
Action Forex said USD/JPY gained bullish momentum after settling above 160.80, climbing above 162.00 before running into rejection.
The pair struggled to move through 162.70 and 162.80 on the 4-hour chart and is correcting from the recent upswing, with attention on a possible dip toward the 38.2% Fibonacci retracement.
According to the analysis, support is clustered around 161.60, alongside the 100 simple moving average on the 4-hour chart and the 50% Fibonacci retracement. A first major support area is near 160.80, and a downside break and close below 160.80 could open the door to 160.00, with further losses potentially targeting 158.80.
On the upside, Action Forex noted bearish activity near 162.80, with resistance at 163.40. A close above 163.40 could trigger a sharp increase, with a possible target toward 165.00. The outlet also pointed to Bitcoin as a related risk factor, saying upside continuation would require a close above $65,000.
Latest closeBitcoin $64,013.16 ▲2.8%|USD/JPY 162.35 ▼0.0%