Technical Analyst, Saxo Bank Group
USDJPY broke above the resistance at 149.20 this morning, gaining momentum and now nearing the February peak at around 150.88. There might be a rejection at the Feebruary peak - at first - followed by a minor pullback, potentially down to 149.90 or possibly even 149.20.
However, the crucial question is whether USDJPY will close above 150.88 or not, and if the RSI can close back above the 60 threshold, which would confirm positive sentiment. If this scenario unfolds, USDJPY could see further upside potential to the 2022 peak at around 151.94 or even reach the 1.382 projection of the early March correction at 152.51.
For analysis on other JPY pairs : EURJPY, AUDJPY and GBPJPY see yesterday's Technical Update: Technical analysis JPY pairs resuming uptrend
For Daily Technical Updates on Forex: Cramers Corner Daily Technical Update
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