USD/JPY Analysis: Riding the Uptrend Wave

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USD/JPY ANALYSIS

USD/JPY

USD/JPY is currently in a strong uptrend, supported by multiple factors including trendline support, the yearly upper VWAP band, the Point of Control (POC), and a bounce at the golden Fibonacci retracement level. These levels have acted as strong support, indicating robust buying pressure. With the overall bullish sentiment, traders may look for opportunities to go long on USD/JPY, but should monitor price action for any signs of a reversal.

Technical Analysis

• USD/JPY is currently bouncing at trendline support, indicating a potential continuation of the uptrend.

• Additionally, the Point of Control (POC) is acting as a support level, further confirming the bullish bias.

• USD/JPY has also bounced at the golden Fibonacci retracement level (151.723), adding to the bullish sentiment.

MAJOR EVENTS THIS WEEK

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