Current price: 158.15
Key point: 157.75
Our preferred strategy: Buy positions above 157.75 with a first target of 159.00 and then a second target of 160.40.
Alternative scenario: Stop loss and trend reversal upon breaking the 157.40 level, targeting the 156.50 level.
Technical commentary
The USD/JPY pair is holding above the support level of 157.85 and above the 200-period moving average on the four-hour chart. If it breaks through the pivotal resistance level of 158.45 and the descending trendline from last month's high, the price will then target 159.00, and subsequently, if it breaks through that level, it will target 160.40.
