USD/JPY Price Analysis:  Bullish Flag assures continuation of a dream run, 147.00 eyed


  • USD/JPY has kissed 145.00 for the first time in 24 years after a dovish stance by the BOJ.
  • A formation of a bullish is hinting at the continuation of upside momentum.
  • Advancing 20-and 50-EMAs add to the upside filters.

The USD/JPY pair has turned sideways after delivering volatile moves post the announcement of the interest rate decision by the Bank of Japan (BOJ). The asset gyrated in a tad wider range of 143.51-145.36 and is now oscillating in a narrow range of 144.54-144.95. On a broader note, the asset is oscillating in a 141.50-145.40 range for the past two weeks. It is worth noting that the major has smashed 145.00 for the first time in the past 24 years.

The formation of a Bullish Flag denotes a consolidation phase after a vertical upside move. The north-side sheer move is been recorded from August 2 low at 130.40. The consolidation phase of a Bullish Flag indicates an initiative buying structure in which the buyers initiate longs after an upside break of the chart pattern.

The 20-and 50-period Exponential Moving Averages (EMAs) at 142.00 and 139.00 respectively are aiming north, which signals a continuation of an upside bias.

Also, the Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00 for a prolonged period, which indicates that the upside momentum is intact.

A decisive break above the fresh 24-year high at 145.40 will drive the asset towards June 1998 high at 146.79, followed by August 1998 high at 147.67.

On the flip side, the greenback bulls could lose their grip if the asset drops below September 9 low at 141.50 for a downside towards September 6 low at 140.25. Slippage of the latter will drag the asset towards July 14 high at 139.39.

USD/JPY daily chart

USD/JPY

Overview
Today last price 144.82
Today Daily Change 0.77
Today Daily Change % 0.53
Today daily open 144.05
 
Trends
Daily SMA20 141.63
Daily SMA50 137.98
Daily SMA100 135.2
Daily SMA200 126.92
 
Levels
Previous Daily High 144.7
Previous Daily Low 143.34
Previous Weekly High 144.96
Previous Weekly Low 141.66
Previous Monthly High 139.08
Previous Monthly Low 130.4
Daily Fibonacci 38.2% 144.18
Daily Fibonacci 61.8% 143.86
Daily Pivot Point S1 143.36
Daily Pivot Point S2 142.67
Daily Pivot Point S3 142
Daily Pivot Point R1 144.72
Daily Pivot Point R2 145.39
Daily Pivot Point R3 146.08

 

 

 

 

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD drops below 0.9750 after upbeat US PMI data

EUR/USD drops below 0.9750 after upbeat US PMI data

Following a brief consolidation period, EUR/USD came under bearish pressure and dropped below 0.9750 during the American session on Friday. Better than expected Manufacturing and Services PMI figures from the US provided a boost to the dollar, further weighing on the pair.

EUR/USD News

GBP/USD renews multi-decade below 1.0900

GBP/USD renews multi-decade below 1.0900

After having recovered toward 1.1100 earlier in the day, GBP/USD turned south in the American session and touched its lowest level since 1985 below 1.0900. The PMI data from the US showed that the private sector activity recovered in September, fueling another leg higher in DXY.

GBP/USD News

Gold falls below $1,650, looks to post weekly losses

Gold falls below $1,650, looks to post weekly losses

Pressured by the renewed dollar strength on upbeat US PMI figures, gold lost its recovery momentum and dropped below $1,650. Meanwhile, the 10-year US T-bond yield is up nearly 1%, forcing XAU/USD to stay on the backfoot heading into the weekend.

Gold News

BTC makes a bullish comeback amid regulatory tension, but lacks confirmation

BTC makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price has produced three consecutive lower lows since September 7, but at the same time, the Relative Strength Indicator (RSI) has shown a positive rise demonstrating a lack of underlying bearish power.

Read more

TSLA suffers as yields continue to dominate

TSLA suffers as yields continue to dominate

Tesla (TSLA) reacted poorly to the latest central bank developments with the stock falling 4% on Thursday. Main indices were not as badly hit with the S&P 500 losing less than 1% and the Nasdaq just over 1%.

Read more

Forex MAJORS

Cryptocurrencies

Signatures