Current price: 158.20
Key point: 157.50
Our preferred strategy: Buy positions above 157.50 with a first target of 159.00 and then a second target of 160.40.
Alternative scenario: Stop loss and trend reversal upon breaking the 157.15 level, targeting the 156.30 level.
Technical commentary
The USD/JPY pair is holding above the 200-period moving average on the four-hour timeframe and above the key support level of 157.50, suggesting a potential move higher to 159.00 and then, if that level is breached, to 160.40.
