The USD/JPY rallied sharply during Wednesday’s session after the pair hit a 38-year high past the 160.00 psychological figure, seen as the line of the sand for Japanese authorities and the Japanese Yen to intervene in the FX space.
USD/JPY reaches multi-year peak at 160.83, surpassing key 160.00 level amid USD strength. Technicals show strong uptrend with overbought RSI, buying momentum strong. Resistance levels: 161.00, 162.00, 164.87 , 178 . Support found at 158.75 , Tenkan-Sen at 157.82, Senkou Span A at 157.53, Kijun-Sen at 157.24. Nevertheless, failure to do it prompted US dollar bulls to push the exchange rate higher, and at the time of writing, the pair traded at 160.83, which was up 0.73%.
The next resistance would be the psychological levels of 161.00, 162.00, and so forth, ahead of testing November’s 1986 high of 164.87, followed by April's 1986 high of 178. Conversely, if USD/JPY drops below 160.00, the first support would be June’s 24 low of 158.75, followed by the Tenkan-Sen at 157.82. Once those levels are cleared, the next stop would be the Senkou Span A at 157.53, and then the Kijun-Sen at 157.24.
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