top of page

Trading setup 16th Dec to 20th Dec - USDJPY

Writer's picture: fxmethodsfxmethods

U.S. yields have reached new highs, with the 10-year yield increasing by 7.0 basis points today to 4.395%. This represents a 24-basis-point increase for the week, marking the largest one-week rise since mid-January 2024.


Key Technical Levels and Price Action

  • USDJPY Breakout:

    • The pair has moved above the 61.8% retracement level of the November high to December low, which sits at 153.647.

    • The price reached a high of 153.79 today, with nearby resistance at:

      • 153.88 (minor resistance)

      • 154.00 (psychological/natural resistance).

  • Intraday Price Movement:

    • Earlier, the price rise stalled at the 61.8% retracement level, attracting resistance sellers.

    • The subsequent correction found support within a key swing area between 153.26 and 153.459, with the low holding at 153.255.

    • This support held firm, providing buyers the confidence to push higher.

Summary and Outlook

  • Upside Targets:

    • 153.88 and 154.00 are the next resistance levels to watch for a potential continuation of the bullish move.

  • Downside Risks:

    • A break below the 153.26–153.459 swing area could signal a deeper retracement, challenging bullish momentum.

6 views0 comments

Commentaires


bottom of page