USD/JPY breaks triangle resistance, targets 157.00 on technical momentum
USD/JPY surged 0.8% to 156.45 Monday after decisively breaking above multi-month triangle pattern resistance at 156.00, signaling potential for further upside momentum. The technical breakout follows weeks of consolidation between 154.80-156.00, with the pair now eyeing the psychological 157.00 level as the next target. Volume increased 35% during the breakout, confirming strong buying interest. The move aligns with broader dollar strength and comes despite Bank of Japan officials maintaining hawkish rhetoric about potential rate adjustments. Technical indicators show RSI at 68, approaching overbought territory, while the 50-day moving average at 155.30 now acts as dynamic support. EUR/USD fell 0.4% to 1.0420, GBP/USD dropped to 1.2680, and AUD/USD declined 0.6% to 0.6250, confirming broad USD strength. Traders should watch for potential resistance at 157.50, the November 2024 high.
Related Symbols:
USDJPY
EURUSD
GBPUSD
AUDUSD
This is a summary of the original article by investing.com. To read the complete article, please visit the source website:
Read Full Article at investing.comNews data provided by Marketaux. ForexSentiment.live provides this summary as a convenience with proper attribution to the original source. The full article is available at the original publisher's website.
