Looking at the 4-hour chart, the pair settled well above 158.80, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair cleared the 76.4% Fib retracement level of the downward move from the 159.65 swing high to the 158.01 low.
USD/JPY presses toward 160.00 as Crude Oil shock deepens Yen slide
USD/JPY has pushed higher in recent weeks, reclaiming ground steadily and approaching a key psychological level near 160. The rally has been strong, but price is now consolidating beneath this threshold after failing to extend gains into fresh yearly highs.
The American currency gains ground, supported by the war in the Middle East.
USD/JPY rises as Trump comments support USD
The currency markets continue to see a lot of noise, but early on Thursday, it seems like we are simply waiting for some kind of catalyst.
The pair hit a correction towards the target and support of 157.25-65 last week. The market is still holding a trading zone with resistances around 160.20 and 161.95 where each resistance could push for drop a toward the 157.25-65 zone.
USD/JPY Price Forecast: Holds onto gains near 159.50 following US Dollar's footprints
USD/JPY Price Forecast: Extends advance but stalls near 159.50
The American currency is moving higher as traders stay focused on Middle East tensions.
Today's trade started on an optimistic note, but it's been mostly downhill from there. Per news reports, the US delivered a 15-point peace plan to Iran via intermediaries, raising hopes that both sides could come to the proverbial negotiating table under the auspices of a longer ceasefire.
USD/JPY climbs as US Dollar strength outweighs hawkish BoJ, geopolitical risks