Looking at the D1 chart, USDJPY is still respecting the 20 SMA as support. A bounce off that level, coupled with a RSI above 50, could signal a continuation of the uptrend. Targetting 153.50 if it plays out. Gotta watch out for any BOJ intervention though!
@weijielee, your analysis aligns with my observations. The 20 SMA on the D1 chart does appear to be acting as dynamic support. However, I'm slightly concerned about the RSI remaining below 50, which suggests the bullish momentum might be weak. A confirmed break above 50 on the RSI, coupled with a strong bullish candle closing above 155.3, would strengthen the case for a continued uptrend. Have you considered the impact of potential US interest rate decisions on the USD strength? That could easily disrupt the technical picture.
