USDJPY breaks above 100-hour MA – Can bulls push towards 150.00?

USDJPY has shown more bullish momentum as the day comes to the end of the week. The USDJPY price has now stretched above the 100-hour moving average (MA) and a key swing area, signaling potential further upside. Earlier today at session lows, the buyers leaned near the 200-hour MA, reinforcing support and providing a base for the current upward movement.

Key Technical Observations:

• 100-hour MA Breakout: The price has broken above the 100-hour MA (149.18), indicating bullish control.

• 200-hour MA as Support: Buyers held firm near the 200-hour MA (148.72), confirming it as a key support zone.

• Ascending Channel Formation: The price is moving within an upward channel, with resistance and support levels a good ways away.

• Resistance Levels:

  • 149.656: The high from Friday
  • 150.00: Natural resistance target
  • 150.11 - 150.28: Swing area and high for the week

• Support Levels:

  • 149.18 (100-hour MA): Holding above this level keeps the bullish outlook intact.
  • 148.72 (200-hour MA): A break below this could shift sentiment bearish.
  • 148.56 to 148.72: Swing area and near the upward sloping channel trend line.

Outlook:

• Bullish Case: Holding above 149.18 and a move toward 150.00+ could signal further buying pressure.
• Bearish Case: If price falls back below 149.18, sellers may regain control, targeting 148.72 and lower.

Traders should watch price action around these levels for confirmation of the next trend direction.