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USD/JPY struggles below 159.60 as recovery faces resistance
Support is near 158.40, with a break below 157.2 potentially pushing USD/JPY toward 156.5 and 155.25.
The US dollar rebounded against the Japanese yen, pushing USD/JPY above 157.20 and into a short-term positive zone, after recovering above 156.00, according to Action Forex.
On the 4-hour chart, price action is attempting to form a rising channel with support around 158.40, while bears remain active below 159.60. The pair is also trading below the 100 and 200 simple moving averages on the 4-hour timeframe.
On the upside, Action Forex notes that resistance sits near 159.60, followed by a larger level around 160.50, where a close above could support a steadier advance. Higher targets cited include 161.20 and, if momentum continues, a test near 162.00.
On the downside, bids are expected near 158.50, with the next major support around 158.00 and main support at 157.20. A breakdown below 157.2 could move the pair toward 156.50, with further weakness potentially taking it to 155.25.
Latest closeUSD/JPY 158.89 ▲0.9%