USD/JPY Price Analysis: Back above 144.50, as a break of 145.00 could spur another FX intervention

The USD/JPY bounces off the 143.00 regions and is back above 144.50 after last week’s BoJ FX intervention.
Following the Japanese intervention in the FX space, the USD/JPY recovered some 3%.
Near term, the USD/JPY might re-test the 145.00 area, despite increasing concerns of being the BoJ’s line in the sand, opening the door for another FX intervention,

Christian Borjon Valencia FXStreet

The USD/JPY is recovering some ground after last week’s BoJ FX intervention that bolstered the Japanese yen from trading at around 145.00 price levels towards the 140.34 area. Nevertheless, USD/JPY traders are again lifting the spot price towards the 145.00 mark, as the USD/JPY trades at around 144.66, above its opening price at the time of writing.

USD/JPY Price Analysis: Technical outlook

The USD/JPY remains upward biased after dipping towards the 140.00 region. Worth noting that following the BoJ intervention in the markets, the Relative Strength Index (RSI) edged lower. However, at the time of typing, RSI crossed above its 7-day RSI SMA, suggesting that buyers are gathering momentum as the major hits the 144.00 thresholds.

Short term, the 4-hour scale portrays the USD/JPY strength, with the major clearing the R2 daily pivot at 144.52. Furthermore, after diving towards oversold conditions, oscillators, mainly the Relative Strength Index (RSI), are back in positive territory.

Suppose the USD/JPY clears the 144.99 area, that could pave the way for another FX intervention by Japanese authorities. If it does not, the next USD/JPY resistance would be the September 21 daily high at 145.39, followed by the R3 daily pivot at 145.63.

On the other hand, failure at 145.00 could send the major sliding towards the S1 daily pivot at 143.95. Break below will expose the confluence of the 20 and 50-EMAs around 143.34/36, followed by the daily pivot at 142.85.

USD/JPY Key Technical Levels

USD/JPY

Overview
Today last price	144.68
Today Daily Change	1.37
Today Daily Change %	0.96
Today daily open	143.31

Trends
Daily SMA20	142.21
Daily SMA50	138.14
Daily SMA100	135.45
Daily SMA200	127.21

Levels
Previous Daily High	143.46
Previous Daily Low	141.76
Previous Weekly High	145.9
Previous Weekly Low	140.35
Previous Monthly High	139.08
Previous Monthly Low	130.4
Daily Fibonacci 38.2%	142.81
Daily Fibonacci 61.8%	142.41
Daily Pivot Point S1	142.23
Daily Pivot Point S2	141.15
Daily Pivot Point S3	140.53
Daily Pivot Point R1	143.93
Daily Pivot Point R2	144.54
Daily Pivot Point R3	145.62

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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