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USD/JPY Technical Analysis: One more push higher

By Nathan Batchelor

USD/JPY technical analysis indicates that the pair is likely to test towards the 110.30 resistance area. A breakout above this area could provoke a rally towards the 111.00 resistance level.

The US dollar continues to trade around the 110.00 level against the Japanese yen as the pair holds onto its recent trading gains.

USD/JPY analysis shows that the pair could launch one more final push higher before a strong downside correction takes place.

USD/JPY medium-term price trend

The USD/JPY remains extremely robust on technical pullbacks, with the pair recently finding strong dip-buying interest from the 109.50 level.

With US equity markets surging higher and risk-off sentiment negated, the USD/JPY pair still has scope to advance further.

USD/JPY technical analysis over the medium-term shows that the pair could rally through to the 110.90 to 111.05 area before a strong technical correction occurs.

Sustained gains above the 110.30 level are now needed to encourage bullish bets towards the USD/JPY pair.

At this stage, only sustained weakness below the 108.90 level would stop the expected advance towards the 111.00 level.

USD/JPY short-term price trend

Short-term USD/JPY technical analysis highlights that the 109.70 level remains the key trading pivot to watch this week.

A lack of short-term bullish momentum above the 110.00 level is currently causing minor pullbacks towards the pivotal 109.70 area.

Traders have been using the 109.70 level as a major trading pivot point over recent months, with weakness below the pivot usually signalling a coming decline.

Price appears robust above the pivot at present, hinting that the USD/JPY pair may be ready to test back to the current 2020 trading high.

Weakness below the 109.70 level could prompt a minor technical test towards the 109.50 or 109.35 support area.

USD/JPY analysis shows that the USD/JPY may soon make one more final push higher before staging a bearish reversal. The 110.90 to 111.05 technical area remains the likely upside target.

USD/JPY technical summary

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