USD/JPY Price Forecast: Snaps three-day rally, tumbles below 148.50

Source Fxstreet
  • USD/JPY retreats after failing to extend its rally, despite US 10-year Treasury yield rising five basis points.
  • Technical outlook remains upward biased, with buyers eyeing a break above 149.14 and targeting 150.00 in the short term.
  • A drop below 148.00 could see further downside, with key support at 147.00 and the bottom of the Ichimoku Cloud at 146.87.

The USD/JPY retreated after rallying for three straight days, even though the US 10-year Treasury noy yield rose five basis points. Risk aversion drives price action as the Middle East war escalates amid an exchange of fire between Israel, Hezbollah, and Hamas. At the time of writing, the pair trades at 148.12 after hitting a daily peak of 149.14.

USD/JPY Price Forecast: Technical outlook

The USD/JPY failed to extend its uptrend after piercing inside the Ichimoku Cloud (Kumo), which opened the door for further upside. Alongside that, the pair cleared the 50-day moving average (DMA) at 145.17, and since then, buyers have set their sights on 150.00.

Bullish momentum has faded, as shown by the Relative Strength Index (RSI) slope’s downward aiming. Still, the USD/JPY is upward biased in the short term.

 Given the backdrop, the USD/JPY first resistance will be the 149.14 daily high of October 7. Once surpassed, the next stop would be 150.00. If those levels are surrendered, bulls could challenge the 200-DMA at 151.09.

Conversely, if the pair drops below 148.00, bears can drag the exchange rate towards 147.00 as they would like to drive prices toward the latest key support, the bottom of Kumo at 146.87.

USD/JPY Price Action – Daily Chart

Japanese Yen PRICE Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the New Zealand Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.02% 0.24% -0.37% 0.36% 0.52% 0.56% -0.48%
EUR 0.02%   0.33% -0.29% 0.41% 0.52% 0.57% -0.49%
GBP -0.24% -0.33%   -0.68% 0.10% 0.20% 0.28% -0.70%
JPY 0.37% 0.29% 0.68%   0.72% 0.88% 0.88% -0.08%
CAD -0.36% -0.41% -0.10% -0.72%   0.19% 0.18% -0.84%
AUD -0.52% -0.52% -0.20% -0.88% -0.19%   0.09% -0.97%
NZD -0.56% -0.57% -0.28% -0.88% -0.18% -0.09%   -1.00%
CHF 0.48% 0.49% 0.70% 0.08% 0.84% 0.97% 1.00%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold Suffers Epic Plunge, March Cumulative Decline Exceeds 20%. Has Gold Become a Risk Asset?At 3:21 AM Beijing time during the Asian trading session, Spot gold (XAUUSD) fell nearly 9% intraday, at one point dropping below the $4,100 per ounce mark. This not only erased all gains
Author  TradingKey
8 hours ago
At 3:21 AM Beijing time during the Asian trading session, Spot gold (XAUUSD) fell nearly 9% intraday, at one point dropping below the $4,100 per ounce mark. This not only erased all gains
placeholder
Iran threatens to completely close Strait of Hormuz if US bombs power plantsIran’s Islamic Revolutionary Guard Corps (IRGC) said that it will completely shut the strait if US President Donald Trump proceeds with his threats to target Iranian energy facilities, the Guardian reported on Monday.
Author  FXStreet
17 hours ago
Iran’s Islamic Revolutionary Guard Corps (IRGC) said that it will completely shut the strait if US President Donald Trump proceeds with his threats to target Iranian energy facilities, the Guardian reported on Monday.
placeholder
$180 Oil Prices Imminent? Saudi Arabia Warns: Crisis to Last Until Late April, Oil Prices Will Break Historic HighsThe continuous escalation of geopolitical conflicts in the Middle East is pushing global energy markets toward their most severe test in nearly 20 years.The Wall Street Journal reports th
Author  TradingKey
Mar 20, Fri
The continuous escalation of geopolitical conflicts in the Middle East is pushing global energy markets toward their most severe test in nearly 20 years.The Wall Street Journal reports th
placeholder
Gold tumbles below $4,650 as inflation fears and liquidity squeeze weighGold price (XAU/USD) remains under selling pressure near $4,640 during the early Asian session on Friday. The precious metal extends the decline as soaring crude oil and energy prices, driven by the escalating US-Israeli war with Iran, reignite inflation fears.
Author  FXStreet
Mar 20, Fri
Gold price (XAU/USD) remains under selling pressure near $4,640 during the early Asian session on Friday. The precious metal extends the decline as soaring crude oil and energy prices, driven by the escalating US-Israeli war with Iran, reignite inflation fears.
placeholder
Bitcoin Drops Below $70,000 as Crypto Rally Fails to MaterializeThe crypto market experienced a significant pullback, Bitcoin (BTCUSD) fell below the key $70,000 mark during intraday trading, triggering short-term stop-loss orders and causing market s
Author  TradingKey
Mar 19, Thu
The crypto market experienced a significant pullback, Bitcoin (BTCUSD) fell below the key $70,000 mark during intraday trading, triggering short-term stop-loss orders and causing market s
Related Instrument
goTop
quote