USD/JPY extended its gains for the second consecutive session, trading around 157.60 during European hours on Friday, as a bullish bias prevails according to technical analysis on the daily chart [1]. The pair remains within an ascending channel pattern, with the nine-day Exponential Moving Average (EMA) tracking well above the 50-day EMA, reinforcing upside momentum [1]. The 14-day Relative Strength Index (RSI) has moved into the low 60s, indicating strengthening bullish pressure but not yet signaling overbought conditions, which suggests potential for further gains as long as this configuration persists [1].
The USD/JPY pair may explore the region around the upper boundary of the ascending channel at 159.20, followed by 159.45, which is the highest level since July 2024. A break above 159.45 could lead the pair to reach the all-time high of 162.00, recorded in July 2024 [1]. Initial support is identified at the lower boundary of the ascending channel around 156.90, aligned with the nine-day EMA at 156.82. Further declines below the short-term average would expose the medium-term average at 155.76, and a break below the 50-day EMA would shift the bias to bearish, potentially pushing USD/JPY toward the five-month low at 152.10 [1].
The heat map of major currencies shows that the Japanese Yen was the strongest against the US Dollar today, with a percentage change of -0.02% for JPY/USD [1]. This data provides a snapshot of the relative strength of the Yen against other major currencies, highlighting its performance in the current trading session [1].
No forward-looking statements or analyst opinions beyond technical analysis were provided in the article [1].
CONCLUSION
USD/JPY is exhibiting a persistent bullish bias, trading near 157.60 and supported by technical indicators such as EMAs and RSI. The pair may target higher levels if momentum continues, but key support levels could trigger a bearish shift if breached. Market sentiment is positive, with medium impact expected as traders monitor potential moves toward recent highs.