USD/JPY recovered strongly after Thursday's dip, with 156 as near-term support and 158–160 as the key resistance zone for the next upside move.
USDJPY hit the second target at 157.60. As we see over the chart, the market facing a grey zone at 158.00-159.45 which is considered as a resistance zone, which could maintain the risk for another drop wave towards 155.30-50 and 152.00-50.
USD/JPY Price Forecast: Hovers around 157.50 as bullish bias prevails
Looking at the 4-hour chart, the pair settled above 156.50, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair traded as high as 157.97 before there was a minor pullback.
USD/JPY Price Forecast: Bulls defend 157.00 as upside-pressure builds
USD/JPY is edging higher as traders position ahead of the latest US Nonfarm Payrolls report. The pair has rallied alongside a firmer US dollar amid mild risk-off flows and elevated geopolitical tensions.
The American currency gains ground as traders react to recent developments in the Middle East.
EUR/USD tests 1.16 support at the 200-day EMA, GBP/USD holds 1.3250, and USD/JPY pushes toward the historic 158–160 resistance zone. Thursday's forex breakdown.
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USD/JPY pulls back from weekly highs as Yen steadies near 157.00
USD/JPY was given every reason to continue rallying on Wednesday but couldn't: hot US economic data again dismissing fears about a growth slowdown seen late last week, another curtailment in Fed rate cut pricing this year, and a sharp recovery in risk appetite. Instead, it bucked the traditional playbook, delivering a bearish reversal signal on the daily timeframe, strengthened by the fact it arrived after the pair traded at fresh multi-week highs.
The US Dollar to Yen (USD/JPY) exchange rate pulled back on Wednesday, slipping to around 156.97 after briefly testing highs near 157.97 earlier in the week. Profit taking on long Dollar positions allowed USD/JPY to retreat from those highs, while the Yen drew additional support from hawkish comments by Bank of Japan Governor.