Current price: 160.30
Key point: 160
Our preferred strategy: Buy positions above 160 with a first target of 160.60 and then a second target of 161.00
Alternative scenario: Stop loss and trend reversal upon breaking the 159.65 level, targeting the 159.00 level.
Technical commentary
The USD/JPY pair is moving in an upward direction above a price channel and above the 200 moving average on the four-hour timeframe, above the support levels of 159.60-160.00. The pair is expected to continue its rise to the levels of 160.60 and then the levels of 161.00.
