Forex analytics and overview

USD/JPY Climbs as Trump Wins, but Can It Break Through Resistance?

2024.11.06 10:47

  • USD/JPY hits fresh highs as Trump wins battleground states.
  • Resistance of 153.80-154.00 still in play.
  • However, the 153.40-154.00 barrier is still under examination.

 soared to a new three-month high of 154.36 as Donald Trump won Pennsylvania, Georgia, and North Carolina. Technically, the pair found solid support near its 20-day exponential moving average (EMA), keeping its upward trend in safe place.

That said, the day is not over yet, and the 153.40-154.00 barrier is still under examination. The short-term bias is skewed to the upside according to the technical indicators, though with the RSI moving closer to its 70 overbought level, we can’t rule out a pullback unless the price successfully closes above 154.00.

In this case, the price could rocket towards the 157.00 number, which coincides with the 78.6% Fibonacci retracement of the previous downleg and the upper band of the bullish channel. The 158.50-159.40 area could be the next challenge before the door opens for the 1990 top of 160.40.USDJPY-Daily Chart

Should the bears retake control, traders may focus on the 152.00 number, where the lower boundary of the bullish channel is positioned. The 20-day EMA at 151.35 will be closely watched too along with the 50% Fibonacci of 150.75, a break of which could confirm a downside reversal. If the 200- and 50-day EMAs at 149.75 give way as well, then the sell-off could intensify toward the 38.2% Fibonacci of 148.11. Even lower, the pair may face stability near 146.20.

In a nutshell, the latest advance in USD/JPY improved the upside potential, though for the rally to hold, the bulls should successfully breach the wall around 154.00.



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