USD/JPY has remained range-bound between ¥156 and ¥159 since 24 September, with a break above 159.04 the key focus. If it breaks higher, the market may move with 159.49 and 160.00 in view.
Since 24 September, USD/JPY has remained range-bound between the ¥156 and ¥159 levels, leaving the short-term focus on whether it breaks higher or comes under downward pressure.
If it breaks higher, a move out above the range is expected once 159.04 is breached, with the market potentially turning its attention to the 100-day moving average around 159.49 and the key level of 160.00.
If the pair weakens, the focus will be on whether it falls below the support zone originating around the 21-day moving average near 157.71, with a battle around the key level near 157.00 expected. If it falls into the ¥156 range, it is expected to move toward the low of 156.38 and around 156.00.