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    USD/JPY Price Analysis: Stays firm near YTD high amid US data, intervention fears

    Source Fxstreet
    Feb 28, 2024 18:01
    • USD/JPY trades slightly up, navigating through intervention concerns and US economic data impact.
    • Technical analysis shows potential for uptrend continuation if the 151.00 level is reclaimed by buyers.
    • Key support levels identified, with a drop below 150.26 possibly signaling a shift towards 150.00 and lower.

    The USD/JPY remains subdued during the North American session, trading at around 150.71, up by 013% on Wednesday. Economic data releases from the United States (US) maintain the pair within familiar levels despite threats by Japanese authorities to step into the Forex markets.

    USD/JPY Price Analysis: Technical outlook

    As the USD/JPY daily chart depicts, the upward bias remains intact. The Relative Strength Index (RSI) is bullish but flat, an indication of consolidation, at around the current year-to-date (YTD) high of 150.88. If buyers would like to extend the uptrend, they must reclaim the 151.00 figure, so they could challenge last year’s high of 151.91.

    Conversely, if sellers’ step into the market and drive the exchange rate below the Tenkan-Sen at 150.26, that would expose the 150.00 figure. Further downside is seen below the Senkou Span A at 149.32, followed by 149.00, and the Kijun-Sen at 148.39.

    USD/JPY Price Action – Daily Chart

     

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