The Japanese yen continues to weaken amid a strong dollar and due to the actions of the Bank of Japan. The currency pair may continue its bullish trend...
The global trend is upward. As part of the correction, the currency pair is testing support at 157.76 and forming a long squeeze. The reaction from the bulls is aggressive, and a breakout of the wedge resistance will provide an opportunity for growth.
The dollar is in an upward trend (locally), and this maneuver is supporting the currency pair against the backdrop of a globally weak Japanese yen.
Resistance levels: 158.185, 158.855
Support levels: 157.76, 157.38
If the bulls keep the price above the 157.76-158.0 zone, the market will have good potential and strong support to continue growing towards 158.8-159.