USD/JPY Price Forecast: Rebounds but struggles at 150.00 amid bearish pressure
Trending Articles- Gold Price Forecast: PCE Data Weakens Fed Rate Hike Expectations, Can Gold Price Hold Steady at $4,000?
- Iran insists on control of Hormuz amid reports of US talks
- $4,050: Gold dives to fresh two-week low as Fed rate hike bets boost US Dollar
- Gold Price Forecast: Gold Price Falls Below $4,000, PCE Data May Push Gold Down to $3,900
- Gold Price Trend Forecast: Gold Price Risks Falling Below $4,000, PCE Data Is Key
- Crypto market sheds over 50% of its value amid Bitcoin's brief decline below $60K
USD/JPY must clear 149.70 and 150.00 to regain bullish momentum.
Key resistance lies at 151.99-152.32, confluence of Kijun-Sen and 200-day SMA.
Failure to hold above 148.57 could open the door for a drop to 141.64.
The USD/JPY advances some 0.17% late during the North American session, yet it remains shy of the 150.00 figure after slumping to a new year-to-date (YTD) low of 148.09. At the time of writing, the pair trades at 149.73.
USD/JPY Price Forecast: Technical outlook
The pair is downwardly biased despite recovering some ground. USD/JPY buyers must clear the Tenkan-Sen at 149.70, which paves the way for further upside. The next resistance is 150.00, and a daily close above the latter could cement the chance to challenge the confluence of the Kijun-Sen and the 200-day Simple Moving Average (SMA) around 151.99-152.32.
Nevertheless, the path of least resistance is for a bearish continuation as depicted by the Relative Strength Index (RSI), but USD/JPY needs to surpass below the February 25 swing low of 148.57, which could drive the pair towards the September 30 through at 141.64.
USD/JPY Price Chart – Daily
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
