The USDJPY price soars – Forecast today - 29-04-2024

USDJPY Price Analysis

• The USDJPY price succeeded to achieve our waited positive targets by the end of last Friday, as it touched 157.30 level, noticing that the price begins today with sharp bullish rally to surpass the bullish channels’ resistance lines that appear on the chart and touch the psychological barrier at 160.00, to continue recording new historical levels, and the way seems open to continue the rise and achieve additional positive target in the upcoming sessions.
• Therefore, the bullish trend will remain valid and dominant on the short-term and medium term basis, and the next target reaches 160.00, noting that breaking 158.70 will stop the expected rise and push the price to achieve some bearish correction before turning back to rise again.

The expected trading range for today is between 158.50 support and 160.30 resistance

Trend forecast: Bullish