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USD/JPY trades sideways as support at 156.36 holds

A break above 159.02 is expected to restart a rebound toward 160.38, while a drop below 156.36 would point to a fall back toward 152.87.

Reported · Written up by our desk · Major Pairs

USD/JPY is seeing sideways trading, with intraday bias described as neutral, according to Action Forex.

The outlook turns mildly bullish only if 156.36 support holds, while a move above 159.02 is expected to resume a rebound from 152.87 toward 160.38, viewed as key structural resistance.

Action Forex said a break of 156.36 would instead bring a deeper fall back toward 152.87, and that price action from a 163.97 medium term top is seen as correcting an earlier rise from 139.87.

The analysis also notes that a sustained break above the 55-day EMA around 158.09 would open the way to retest the 163.97 high, though strong resistance is expected to cap upside and another falling leg may follow before the pattern completes.

Latest closeUSD/JPY 157.94 ▲0.1%

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