Current price: 159.60
Key point: 159.50
Our preferred strategy: Buy positions above 159.50 with a first target of 160.40 and then a second target of 161.30.
Alternative scenario: Stop loss and trend reversal upon breaking the 159.30 level, targeting the 158.60 level.
Technical commentary
The USD/JPY pair managed to hold above the key support level of 158.60 and then break through the resistance level of 159.50. As long as it holds above the upward trend line from the current month's low, the pair is expected to continue its rise to 160.40, and then, if it breaks through that level, it will target 161.30.
