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USD/JPY pushes above 162.20, bulls eye 162.85 and 163.50
The pair is holding above key 4-hour moving averages after clearing the 61.8% Fibonacci level, with 162.85 identified as the next trigger for a sustained move higher.
USD/JPY strengthened against the Japanese yen, moving up for a fresh advance above 162.00 and settling above 162.20, according to Action Forex.
On the 4-hour chart, the move followed a break above the 61.8% Fibonacci retracement of the decline from the 162.70 swing high to the 161.28 low, with the pair also above the 100 and 200 simple moving averages.
Action Forex notes upside resistance around 162.70 and a next major resistance area near 162.85, where a close above 162.85 could pave the way for a steadier climb toward 163.50.
On the downside, the analysis points to support near 162.00, then 161.90 on a bullish trend line, with deeper levels at 161.30, 161.00, and 160.00 if losses continue.
Latest closeUSD/JPY 162.33 ▲0.2%