Yesterday, during the New York trading session, the USD/JPY pair broke above the strong resistance level of 150 yen, following the release of strong U.S. economic data. Although the price briefly fell back into the 149-yen range, it eventually climbed to 150.32 yen. The bounce back after falling to the 149-yen level shows strong buying pressure in the short term.
The next target is around 150.80 yen, which is the 50% Fibonacci retracement level, with the 200-day moving average line near the low 151-yen range also being a key level to watch.
However, if the momentum becomes too strong, there could be verbal interventions from authorities, which may push the price down quickly, so caution is needed.
USD/JPY forecast range: 150.70 yen to 149.70 yen
Please note that the above information does not guarantee profits, so make your own decisions when trading.