USD/JPY

The USD/JPY pair is currently trading at 155.19501, reflecting a slight upward movement of 0.05% over the past 24 hours. The price action suggests a consolidation phase after testing the higher range, with a recent high of 155.25101 and a low of 155.078003. The market appears to be in a bullish trend, supported by the price holding above the 20-period Simple Moving Average (SMA) at 155.16500. This positioning indicates that buyers are maintaining control, and any dips toward the SMA may present buying opportunities.

In terms of momentum indicators, the MACD (0.078868019) is currently positive, suggesting that the bullish trend is likely to continue in the short term. However, without an available RSI reading, we cannot ascertain overbought or oversold conditions. Traders should monitor for divergence or convergence with the MACD to gauge potential reversals. A continued rise in the MACD would reinforce the strength of the current bullish sentiment.

Key support is identified at the recent low of 155.078003, which could act as a critical level for buyers to step in. If this support holds, it may encourage further upside momentum. Conversely, resistance is noted at the recent high of 155.25101. A breakout above this level could lead to a test of even higher targets, possibly reaching the psychological level of 156.00.

Traders should consider a cautious approach, looking for confirmation of bullish momentum through price action, particularly if the market approaches the SMA or support levels. A buy-on-dip strategy seems prudent, with stop-loss orders placed below the identified support to manage risks effectively. If the pair breaks above resistance, it may present an opportunity to capitalize on further upward movement.