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USD/JPY holds above 157 as bullish flag pattern clears resistance

USD/JPY is supported near 156.40, and a close back below that level could accelerate a move toward 155.00, according to Action Forex’s technical read.

Reported · Written up by our desk · Major Pairs

USD/JPY found bids around 156.40 and moved higher, forming a base and pushing above 157.00, according to Action Forex. The article says the pair cleared a bullish flag pattern on the 4-hour chart, with resistance at 157.35 broken.

The technical analysis also points to a move above the 61.8% Fibonacci retracement of the decline from 159.03 to 156.37, and notes USD/JPY is holding above both the 100 and 200 simple moving averages on the 4-hour chart.

On upside levels, Action Forex highlights potential targets tied to the 159.03 swing high, with resistance areas near 159.66, 160.40 to 160.65, and a possible rally target around 162.00 if momentum continues.

For downside risk, the piece cites support near the 200 simple moving average around 157.40, and identifies 156.40 as the first major support. It adds that a close below 156.40 could speed a decline toward 155.00.

Latest closeUSD/JPY 157.40 ▲0.0%

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