Current price: 161.00
Key point: 160.70
Our preferred strategy: Buy positions above 160.70 with a first target of 161.50 and then a second target of 162.80.
Alternative scenario: Stop loss and trend reversal upon breaking the 160.45 level, targeting the 159.50 level.
Technical commentary
The USD/JPY pair reached the key support level of 160.70, with the upward trend line from the May low near the 200-period moving average on the hourly timeframe. Further upward movement to 161.50 is expected, and a break above 161.95 would target last month's high of 162.80.
