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roulettehowtoplay| Technical analysis: USD/JPY waits for next driving force near key resistance

Huitong Financial APP News--During the European session on Wednesday (May 15), the US dollar/Japanese yen maintained its decline before important data was released. intraday report 155roulettehowtoplay.692, a decrease of 0.45%.

Since the USDJPY rebounded near the 50-day moving average (SMA) of 151.84, the USDJPY has recovered more than half of its significant losses at the beginning of the month.

roulettehowtoplay| Technical analysis: USD/JPY waits for next driving force near key resistance

Bulls appear to be struggling to jump back into the breakout bullish channel, which currently limits upward movement around 156.60. Given that the pair has broken upwards through the 20-day moving average and the relative strength index (RSI) trajectory is positive, there is potential for further improvement. Still, traders may be cautious about this situation because the stochastic oscillator shows a negative cross above the overbought level of 80.

Once the pair breaks upward through the 156.60 and key 157.00 mark, attention will quickly turn to the important resistance area between 157.83 - 158.40. If the bulls win there, they are expected to push prices towards the restricted upward line of 159.10 and then to a 34-year high of 160.20. If the latter option is easy to break through, then the rebound could gain momentum towards the channel band of 161.53 or just above 162.50, which is where the key resistance line has been since June 2023.

Conversely, the pair could fall below 156.00 and seek support near its 20-day moving average of 155.38. If sellers gain the upper hand there, the decline could reach the resistance of the 153.35 and 50-day moving average to turn to support the trend line, while the trend line rising from December lows could regain its protective effect at a slightly lower level of 152.17. Failure again could trigger a sharp decline in the exchange rate towards the 200-day moving average of 149.00.

In summary, it is possible that the USD/JPY will continue to rise, but traders may want to confirm the close above 156.35 before placing additional buy orders.

U.S. CPI inflation data for April will be available at 20 today Beijing timeroulettehowtoplayAnalysts expect inflation to slow down after 30 announced.

At 19:10 Beijing time, USD/JPY was quoted at 155.668/657, a decrease of 0.47%.

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