USD/JPY eyes break toward 162.00
|USD/JPY continues to trade within a well-defined ascending channel on the higher timeframe, maintaining a clear bullish structure. Price has been consistently printing higher highs and higher lows, suggesting that buyers remain in control overall.
The key level to watch sits just above at 162.00, a major resistance zone that has previously capped upside moves. With price now approaching this area again, the market is setting up for a potential breakout scenario.
Zooming into the lower timeframe, price action reveals a tight triangle consolidation, signalling compression and indecision in the short term. This kind of structure often precedes a volatility expansion.
With the broader trend still pointing higher, the bias leans toward an upside breakout. A clean break and hold above the triangle resistance could trigger momentum, opening the path toward the 162.00 resistance zone.
Key takeaway
USD/JPY is coiling within a triangle inside a broader uptrend. If buyers step in and break the structure, the next logical target sits at 162.00. Until then, expect continued compression—but not for long
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