USD/JPY is reportedly holding an upward trend, supported by the 5-day moving average. With bullish candles accounting for many of the most recent closes, the pair is expected to continue testing higher levels.
USD/JPY, highlighted as a technical point, is currently trading in the low ¥158 range and is reportedly finding support at the 5-day moving average. The 2σ upper and lower Bollinger Band levels are indicated at around 160.95 and 152.36, respectively, with the price observed moving upward within these bands.
On a daily basis, the 100-day moving average is at 159.56 and the 200-day moving average at 158.46. The upper and lower boundaries of the Ichimoku cloud are positioned at around 159.61 and 158.46, respectively, with the short- to medium-term trend supported by the relationship between the various moving averages and the cloud. Bullish candles have been frequent, and the possibility of continued moves to test higher levels has been noted.
Against this backdrop, market participants continue to watch whether USD/JPY can maintain its firm performance from the 5-day moving average. In the short term, movements in the Bollinger Bands, the cloud's position and the levels of the key moving averages may provide clues to future price movements.