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USD/JPY extends rise after breaking above 163.20
The pair reached 163.98, consolidating after clearing 163.20, with resistance seen at 164.00 and 164.40.
The US dollar strengthened against the Japanese yen, with USD/JPY starting a fresh rise from 162.65 and clearing the 163.20 level to enter a bullish zone, according to Action Forex.
On the 4-hour chart, the pair held above 163.20 and the 100 simple moving average and 200 simple moving average, and it traded as high as 163.98 before moving into consolidation.
Looking ahead, resistance is flagged near 164.00, with 164.40 described as the next major level that could open a steadier advance toward 165.00, and potentially 165.20.
On the downside, Action Forex points to support near 163.20 and 163.00, warning that a break below 163.00 could push the pair back toward 162.30, and further toward 162.00, while WTI crude oil also continued to rally above $92.00 and $92.50.
Latest closeWTI crude $92.23 ▲6.2%|USD/JPY 163.84 ▲0.4%