The USD/JPY pair has broken out above the 148.2 resistance level, which has now become a support level. This breakout suggests that the pair has gained significant bullish momentum and is likely to continue rising.
_New Support Level:_ 148.2
_Target Levels:_
– _TP1: 149.3_
– _TP2: 150.1_
– _TP3: 151.2_
– _TP4: 152.3_
– _TP5: 155.0_
_Reasons for the Breakout:_
1. _Technical Reversal:_ The USD/JPY pair has formed a technical reversal pattern, indicating a potential change in trend.
2. _Momentum Indicators:_ The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are showing bullish signals, indicating a potential rise in prices.
3. _Fundamental Analysis:_ The USD/JPY pair has been influenced by positive economic data from the UK, including a strong labor market and rising wages.
_Trading Strategy:_
Buyers may look to enter the market at the new support level of 148.2, with a stop-loss below 146.5. The TP levels can be used to take profits, or to adjust the stop-loss to break-even.
Keep best wishes to Travis