USD/JPY Price Analysis: Remains consolidated below 157.00
|- USD/JPY edges up slightly despite falling US Treasury yields.
- Technical outlook: Buyers in control, targeting 157.00 and potentially April's high of 158.44.
- Downside risks are seen below 156.00, followed by 155.72 and further targets at 154.00 and 153.35/40.
The USD/JPY recovered some ground during the North American session yet is virtually unchanged, up by a minimal 0.08%, weighed by a fall in US Treasury bond yields. US economic data from the United States (US) shows that inflation is getting lower, yet the Federal Reserve remains skeptical that the battle against higher prices isn’t finished. The pair trades at 156.87 at the time of writing.
USD/JPY Price Analysis: Technical outlook
From a technical standpoint, the USD/JPY climbs steadily, with buyers remaining in charge, as depicted by the Relative Strength Index (RSI). Momentum shows that bulls are losing steam, yet the RSI remains bullish.
If USD/JPY climbs past 157.00, that could pave the way for further gains, with buyers targeting April 26 high of 158.44. Further upside is seen above 159.00, like the year-to-date (YTD) high of 160.32.
Conversely, if USD/JPY slides beneath the Tenkan-Sen at 156.0, the next stop would be June 12 low of 155.72. A breach of the latter and the pair could tumble toward the 154.00 figure, before testing the Ichimoku Cloud (Kumo) low of 153.35/40.
USD/JPY Price Action – Daily Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.