0
0
The USDJPY pair has shown strong bullish momentum, bouncing back from the 148.60 level and rising steadily to its current position around 152.00. On the 4-hour chart, the pair has broken above both the 50 EMA and the 200 EMA, maintaining its position above these key moving averages. This suggests that the uptrend is likely to continue in the upcoming sessions.
Key Technical Levels:
- Resistance: The next upside target for USDJPY is at 153.30. This level is crucial to watch as a potential breakout point.
- Support: On the downside, the 150.00 level is a strong support zone that could act as a base for the pair if there’s any pullback.
Economic Events to Watch on December 11:
Both the United States and Japan are set to release important economic data on December 11, which could influence the movement of USDJPY.
- For USD:
- US CPI Data: The U.S. Consumer Price Index (CPI) will be released, providing insights into inflation trends. A higher-than-expected CPI could further strengthen the USD, supporting the bullish trend in USDJPY.
- FOMC Member Speeches: Remarks from Federal Reserve officials on monetary policy could impact the USD’s strength, offering clues about future interest rate decisions.
- For JPY:
- Bank of Japan (BOJ) Policy Speculations: Any news regarding the BOJ’s monetary policy adjustments could influence the yen. The BOJ’s dovish stance has kept the yen weak, favoring USDJPY bulls.
- Japanese Trade Balance Data: Updates on Japan’s trade balance will be important. Any surprises in exports or imports could affect market sentiment toward the yen.
Technical Summary:
The USDJPY pair is firmly in an uptrend, supported by the breakout above both the 50 EMA and the 200 EMA. With the current price around 152.00, the next target is likely to be the 153.30 resistance level. The 150.00 level remains a key support, providing a solid base in case of a pullback.
Conclusion:
The combination of technical strength and positive economic factors suggests a bullish outlook for USDJPY. Traders should keep an eye on key levels and stay updated on the economic events scheduled for December 11, as these could significantly impact the pair’s direction.
Checkout Latest EURUSD Analysis
