USD/JPY Price Analysis: Could test 156.00 due to the hawkish bias

USD/JPY could test the psychological level of 156.00 followed by the upper boundary of the ascending channel.
The bullish trend would be confirmed if the MACD line crosses over the signal line.
The 14-day EMA at 154.89 appears as the immediate support.

Akhtar Faruqui FXStreet

USD/JPY continues its winning streak for the fourth successive session, trading around 155.80 during the Asian hours on Thursday. The pair is consolidating within the ascending channel, with the 14-day Relative Strength Index (RSI) positioned above the 50-level, indicating a bullish bias.

Additionally, the momentum indicator Moving Average Convergence Divergence (MACD) line is positioned above the centerline and shows convergence below the signal line. If the MACD line crosses over the signal line, suggest a signal to buy as confirmation of a bullish trend.

The USD/JPY pair could find resistance around the psychological level of 156.00. A break above this level could lead the pair to test the upper boundary of the ascending channel around the level of 159.70.

On the downside, the 14-day Exponential Moving Average (EMA) at 154.89 appears as the immediate support, followed by the lower boundary of the ascending channel around the psychological level of 154.00. A break below this level could lead the pair to retest May’s low at 151.86 recorded on May 3.

USD/JPY: Daily Chart

USD/JPY

Overview
Today last price	155.82
Today Daily Change	0.29
Today Daily Change %	0.19
Today daily open	155.53

Trends
Daily SMA20	154.89
Daily SMA50	152.17
Daily SMA100	149.54
Daily SMA200	148.6

Levels
Previous Daily High	155.68
Previous Daily Low	154.56
Previous Weekly High	160.32
Previous Weekly Low	151.86
Previous Monthly High	160.32
Previous Monthly Low	150.81
Daily Fibonacci 38.2%	155.25
Daily Fibonacci 61.8%	154.99
Daily Pivot Point S1	154.83
Daily Pivot Point S2	154.13
Daily Pivot Point S3	153.7
Daily Pivot Point R1	155.95
Daily Pivot Point R2	156.38
Daily Pivot Point R3	157.08

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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