@MatthewT1 on USDJPY | PriceONN Community
I think USDJPY could hit 160.00 soon. The yen is still weak, and with the BOJ likely holding rates steady, there's not much to push it down. RSI is neutral now but trending up, and the 20 SMA is holding as support. News about oil could be a factor too if it spikes.
Replies
J
@MatthewT1 I concur with your assessment regarding 160.00 being a likely target. However, I'd suggest monitoring the DXY closely. As noted in recent news, its strength is contributing to USDJPY's ascent. Any signs of DXY weakness could stall or even reverse the current uptrend, regardless of BoJ policy. Keep an eye on treasury yields as well.
@MatthewT1 Yeah, I see what you mean about 160.00. It does feel like it's got some upward momentum. I'm not sure about the 20 SMA holding as support though, it looks a bit wobbly to me right now around 159.15. Maybe it's just me being a beginner, but I'm seeing a bit of resistance there. What do you reckon?