USDJPY might test the psychological level of 156.00.
USDJPY is up for the fourth consecutive session, trading at 155.80 during Asian hours on Thursday.
Technical Analysis
USDJPY might test the psychological level of 156.00. The pair is stabilizing within the ascending channel. And the 14-day Relative Strength Index (RSI) is above 50, indicating a bullish bias.q
Furthermore, the momentum indicator Moving Average Convergence Divergence (MACD) line is located above the centerline and shows convergence below the signal line. If the MACD line passes the signal. The line suggests a purchase signal as confirmation of a bullish trend.
The bullish trend will be confirmed if the MACD line passes above the signal line.
The 14-day EMA at 154.89 appears to provide immediate support.
Furthermore The USDJPY pair may encounter resistance near the psychological level of 156.00. A break above this level might lead the Japanese yen pair to challenge the ascending channel’s upper boundary at 159.70.
Moreover On the downside, the 14-day Exponential Moving Average (EMA) at 154.89 provides immediate support. Followed by the lower border of the ascending channel around the psychological level of 154.00. A break below this level might cause the pair to revisit May’s low of 151.86, set on May 3.
https://voiceoftraders.com/analysis/gbpusd-falls-below-1-2500-ahead-of-boe-policy-decision
