The USD/JPY currency pair recently tested a critical support level at 146.55 and experienced a bullish rebound, subsequently settling back above the 147.00 barrier. This price action supports the continuation of the bullish trend scenario for the near future. The positive momentum is further supported by a clear signal from the stochastic oscillator.
As long as the pair remains above the 146.55 support level, the bullish outlook remains valid and active. The next target for this upward movement is expected to be around 148.40.
The EMA50 (Exponential Moving Average 50) continues to provide support for the suggested bullish wave. However, it’s crucial to monitor the 146.55 support level. If the pair breaks below this level and maintains a position below it, the bullish scenario could be in jeopardy.
Traders should consider a trading range for today, with support at 146.55 and resistance at 148.10.
In summary, the USD/JPY pair is currently testing a key support level at 146.55 and has experienced a bullish rebound, supporting a bullish trend scenario with an initial target around 148.40. This outlook is contingent upon the pair remaining above 146.55.