The pair remains above key moving averages, with RSI at 59.8 signaling sustained upward pressure without overbought conditions.
USD/JPY traded near 162.50 in Asian hours Friday, extending minor gains as it held above the nine-day and 50-day EMAs. The bullish bias is reinforced by an ascending channel pattern and a 14-day RSI at 59.8, indicating room for further upside.
The pair faces initial resistance at the 40-year high of 162.84, reached July 1, with potential to test the channel’s upper boundary at 164.50. Support levels include the nine-day EMA at 162.22 and the channel’s lower boundary at 162.00.
A break below the 50-day EMA at 160.85 could trigger a bearish shift, targeting the May 6 low of 155.04.