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HomeContributorsTechnical AnalysisUSD/JPY Moved Further into a Bullish Zone above $125.00

USD/JPY Moved Further into a Bullish Zone above $125.00

FXOpen
By FXOpen

The US Dollar started a steady upward move above the 124.50 resistance against the Japanese Yen. The USD/JPY pair traded above the 125.00 level to move further into a bullish zone.

The pair even traded above 125.50 and settled above the 50 hourly simple moving average. A high is formed near 125.75 and the pair is still showing positive signs. An immediate support is near 125.35.

The next major support sits near the 125.25 level and a connecting bullish trend line on the hourly chart, below which there is a risk of more downsides. In the stated case, the pair could decline towards the 124.80 level.

On the upside, an immediate resistance is near the 125.75 level. A clear break above the 125.75 resistance could push the price towards 128.20 on FXOpen. The next major resistance is near the 128.80 level or 129.00.

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