The currency pair trades at 163.20, supported by bullish technical indicators and a 14-day RSI of 66.10.
USD/JPY remains elevated near 163.20 in European trading, extending gains after a minor pullback. The pair stays above key moving averages, reinforcing a bullish trend as the nine-day EMA holds above the 50-day EMA.
Technical analysis shows the pair moving within an ascending channel, with the 14-day RSI at 66.10, signaling strong upward momentum. The recent 40-year high of 163.24, reached on July 21, remains in focus, with resistance near 165.00.
Support levels are seen at the nine-day EMA of 162.71 and the channel’s lower boundary around 162.50. A break below could target the 50-day EMA at 161.16, risking a shift toward the May low of 155.04.