USD/JPY Price Forecast: Rebounds but struggles at 150.00 amid bearish pressure
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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
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