Trend continuation or correction?
Both EMA 34 and EMA 89 are sloping up, creating a strong uptrend support structure. This is a positive signal for buyers. The price is consolidating around the 154.50 - 155.00 area, close to the psychological resistance. The recent upward momentum is still maintained, but there are signs of slowing down.
USD/JPY is still receiving support from US bond yields, as the 10-year yield remains high. This increases the strength of the USD.
However, profit-taking pressure may occur if USD/JPY fails to break above the current resistance zone.
Personal opinion:
If the price breaks above 155.00, USD/JPY may extend its upward momentum, heading towards 156.00. However, if strong selling pressure appears, the price may adjust to the support zone of 154.00 - 153.50 before deciding on the trend.
USD/JPY is still receiving support from US bond yields, as the 10-year yield remains high. This increases the strength of the USD.
However, profit-taking pressure may occur if USD/JPY fails to break above the current resistance zone.
Personal opinion:
If the price breaks above 155.00, USD/JPY may extend its upward momentum, heading towards 156.00. However, if strong selling pressure appears, the price may adjust to the support zone of 154.00 - 153.50 before deciding on the trend.
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