USD/JPY Bulls Eye 160.73 Amid Positive Momentum
USD/JPY is trading at 157.84, showing bullish momentum supported by Tokyo's CPI data and solid US Dollar fundamentals. The Tokyo CPI rose to 3.0% YoY in December from 2.6% in November, bolstering expectations for a potential BoJ rate hike in January. Concurrently, the US Dollar gained strength as market expectations for fewer Fed rate cuts in 2025 solidified.
On the 4-hour chart, the pair is trending upwards, supported by EMA 34 (156.90) and EMA 89 (155.14), which act as dynamic supports. Fibonacci retracement levels show key resistance at 158.90 (61.8% level), with a breakout likely targeting 160.73 and potentially 163.68.
For now, the immediate support is at 156.90, while a deeper pullback may test 155.95. Bulls remain in control unless the price closes below 156.00. Traders should monitor upcoming US economic data and any hints of BoJ policy shifts, as these could trigger strong market reactions.
On the 4-hour chart, the pair is trending upwards, supported by EMA 34 (156.90) and EMA 89 (155.14), which act as dynamic supports. Fibonacci retracement levels show key resistance at 158.90 (61.8% level), with a breakout likely targeting 160.73 and potentially 163.68.
For now, the immediate support is at 156.90, while a deeper pullback may test 155.95. Bulls remain in control unless the price closes below 156.00. Traders should monitor upcoming US economic data and any hints of BoJ policy shifts, as these could trigger strong market reactions.
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