The USDJPY has shown a consistent upward trend, reaching a notable swing zone between 157.55 and 158.42, with the highest point recently hitting 157.80. This rise is largely due to movements on Tuesday and early Wednesday, driven by activity around the 100-hour moving average.
The growth intensified following the FOMC’s announcement, propelling the pair higher. Today’s decision by the Bank of Japan, which was perceived as dovish since the BOJ is not rushing to increase rates, provided the currency pair with an additional surge upwards.
In the video above, I start by examining the daily chart and then narrow down to the hourly and five-minute charts. This approach helps to pinpoint upcoming targets and highlights any potential weaknesses within this robust technical advance.
