USD/JPY Price Analysis: Creeps higher as buyers target 157.00

Source Fxstreet
May 23, 2024 20:36
  • USD/JPY rises, trading at 156.86, nearing the key psychological resistance at 157.00.
  • U.S. economic data showing rapid business growth since 2022 bolsters the pair.
  • Technical analysis: Resistance at 157.00, 158.44 (April 26 high), and YTD high of 160.32.
  • Supports identified at Tenkan-Sen (156.05), Senkou Span A (155.61), and Kijun-Sen (155.18).

The USD/JPY registered gains for the second consecutive trading day but were marginal. The pair trades at 156.86, up by 0.03%, as economic indicators in the United States showed that business activity remains resilient, growing at the fastest pace since 2022.

USD/JPY Price Analysis: Technical outlook

The USD/JPY uptrend is persisting, but it is encountering strong resistance at the psychological 157.00 after clearing the May 14 high of 156.76. If buyers manage to surpass 157.00. that could lead to further gains. The next resistance emerges at 158.44, the April 26 high, and eventually challenges the year-to-date (YTD) high of 160.32.

On the downside, if the pair falls below the Tenkan-Sen at 156.05, it will expose the Senkou Span A at 155.61, followed by the Kijun-Sen at 155.18.

USD/JPY Price Action – Daily Chart

USD/JPY

Overview
Today last price 156.92
Today Daily Change 0.13
Today Daily Change % 0.08
Today daily open 156.79
 
Trends
Daily SMA20 155.63
Daily SMA50 153.61
Daily SMA100 150.93
Daily SMA200 149.19
 
Levels
Previous Daily High 156.85
Previous Daily Low 156.12
Previous Weekly High 156.79
Previous Weekly Low 153.6
Previous Monthly High 160.32
Previous Monthly Low 150.81
Daily Fibonacci 38.2% 156.57
Daily Fibonacci 61.8% 156.4
Daily Pivot Point S1 156.32
Daily Pivot Point S2 155.85
Daily Pivot Point S3 155.59
Daily Pivot Point R1 157.06
Daily Pivot Point R2 157.32
Daily Pivot Point R3 157.79

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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