USD/JPY Price Analysis: Erases previous-day losses and climbs above 156.00

USD/JPY climbs and gains 0.79%, supported by strong US economic data.
Technical outlook shows a bullish harami pattern, indicating potential for further gains.
Key resistance levels: 156.50, May 30 high at 157.68, and YTD high at 160.32; support at 156.00, 155.00, and confluence of Tenkan-Sen and 50-DMA at 154.81/92.

Christian Borjon Valencia FXStreet

The USD/JPY recovered some ground and advanced towards the top of the Ichimoku Cloud (Kumo) on Wednesday, gaining some 0.79% and trading at 156.11 at the time of writing. Data from the United States kept the Greenback bid while falling Japanese Government Bond (JGB) yields undermined the Yen.

USD/JPY Price Analysis: Technical outlook

From a technical perspective, the USD/JPY remains upward biased despite retreating toward the 50-day moving average (DMA) at 154.82 on Tuesday. However, buyers lifted the exchange rate towards current levels, forming a ‘bullish harami’ candlestick chart pattern that could open the door for further gains.

Short-term momentum is on the buyers’ side, as depicted by the Relative Strength Index (RSI) standing in bullish territory.

The USD/JPY first resistance would be the 156.50 mark. A breach of the latte will expose the May 30 high of 157.68 before rallying toward the April 26 high of 158.44. Up next would be the year-to-date (YTD) high of 160.32.

On the flip side, the USD/JPY's first support would be 156.00. Once surpassed, the next stop would be 155.00, before testing the confluence of the Tenkan-Sen and the 50-DMA at around 154.81/92.

USD/JPY Price Action – Daily Chart

USD/JPY

Overview
Today last price	156.08
Today Daily Change	1.20
Today Daily Change %	0.77
Today daily open	154.88

Trends
Daily SMA20	156.26
Daily SMA50	154.73
Daily SMA100	151.97
Daily SMA200	149.68

Levels
Previous Daily High	156.49
Previous Daily Low	154.55
Previous Weekly High	157.71
Previous Weekly Low	156.37
Previous Monthly High	157.99
Previous Monthly Low	151.86
Daily Fibonacci 38.2%	155.29
Daily Fibonacci 61.8%	155.75
Daily Pivot Point S1	154.12
Daily Pivot Point S2	153.37
Daily Pivot Point S3	152.18
Daily Pivot Point R1	156.06
Daily Pivot Point R2	157.24
Daily Pivot Point R3	158

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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