. USD/JPY Technical Analysis: Weekly Chart | Updated Insights

USD/JPY Technical Analysis: Weekly Chart | Updated Insights

25 May 2023

USD/JPY TECHNICAL ANALYSIS: WEEKLY CHART 

In the weekly chart, USD/JPY is trading in up channel.

USD/JPY is currently trading below all SMA.

RSI is in buying zone, which shows bullishness. Stochastic is suggesting up trend.

Its immediate support is at 137.966 & the resistance is at 139.757

The USD/JPY is trading upward and is following a higher high structure on the weekly chart. Price has recently broken through strong resistance and reached a week-old high. Currently, the price is challenging its second barrier; if it breaks through, additional gains are expected.

USD/JPY TECHNICAL ANALYSIS: DAILY CHART

In the daily chart, USD/JPY is trading in up channel.

USD/JPY is currently trading above all SMA.

RSI is in buying zone, which shows bullishness. Stochastic is suggesting up trend.

Its immediate support is at 138.749 & the resistance is at 139.774

The USD/JPY is trading upward and is following a higher high structure on the daily chart. Price has recently broken through strong resistance and reached a previous day high. Currently, the price is challenging its second barrier; if it breaks through, additional gains are expected.

TRADE SUGGESTION: – BUY AT 139.745, TAKE PROFIT AT 141.095, SL AT, 138.738