USD/JPY Price Analysis: Rises above 157.00 as US yields underpin the pair
|- USD/JPY hits a daily low of 156.81, currently trading at 157.43.
- Major trading above 50, 100, and 200-day moving averages, confirming upward bias.
- Key resistance levels: 158.25 (June 17 high) and 158.44 (April 26 peak), with YTD high at 160.32 in sight.
The USD/JPY climbed for the second straight day, up 0.27% after hitting a daily low of 156.81, as US Treasury bond yields climbed six basis points on speculation that the Federal Reserve will keep interest rates unchanged. At the time of writing, the pair trades at 157.43.
USD/JPY Price Analysis: Technical outlook
The uptrend in the USD/JPY remains, though Monday’s price action suggests that buyers remain cautious amid fears of Japanese authority's intervention. The major is trading above the 50, 100, and 200-day moving averages (DMAs), further confirming the upward bias supported by the Relatives Strength Index (RSI), which shows momentum is bullish.
If USD/JPY climbs above 157.00, the next resistance level would be the 158.25 high hit on June 17, followed by the April 26 peak at 158.44. If those levels are cleared, up next would be the year-to-date (YTD) high of 160.32.
Conversely, if USD/JPY drops below 157.00, sellers can challenge key support levels. The first one would be the Senkou Span A at 156.16, followed by the Kijun-Sen at 155.93. The next demand area would be the Senkou Span B at 155.52.
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.