USD/JPY Price Analysis: Extends losses on second day near 149.00 psychological level

USD/JPY hovers around 149.00 psychological level ahead of US Core PCE.
Momentum indicators suggest a potential bullish sentiment in the market.
14-day EMA emerges as the key support, following the 23.6% Fibonacci retracement.

Akhtar Faruqui FXStreet

USD/JPY extends its losses on the second successive day, trading lower around 149.00 psychological level during the European trading session on Friday.

The pair faces a challenge due to the correction in the US Dollar (USD), which could be attributed to the pullback in the US Treasury yields.

The 14-day Exponential Moving Average (EMA) at 148.36 could act as key support, following the 21-day EMA at 147.87.

A firm break could influence the USD/JPY bears to navigate the area around the 23.6% Fibonacci retracement at 146.76, followed by the 146.00 psychological level.

The current upward momentum in USD/JPY appears to have a bullish bias, given that the 14-day Relative Strength Index (RSI) remains above the 50 level.

However, there is a resistance region around the monthly high at 149.70, followed by the 150.00 psychological level that may pose a challenge for further gains.

The Moving Average Convergence Divergence (MACD) indicator is providing a strong signal for the USD’s buyers. The MACD line lies above the centerline and the signal line. This configuration suggests that there is potentially strong momentum in the USD/JPY's price movement.

USD/JPY: Daily Chart

USD/JPY

Overview
Today last price	149.07
Today Daily Change	-0.24
Today Daily Change %	-0.16
Today daily open	149.31

Trends
Daily SMA20	147.82
Daily SMA50	145.52
Daily SMA100	143.02
Daily SMA200	137.95

Levels
Previous Daily High	149.64
Previous Daily Low	149.15
Previous Weekly High	148.46
Previous Weekly Low	147.32
Previous Monthly High	147.38
Previous Monthly Low	141.51
Daily Fibonacci 38.2%	149.33
Daily Fibonacci 61.8%	149.45
Daily Pivot Point S1	149.09
Daily Pivot Point S2	148.87
Daily Pivot Point S3	148.59
Daily Pivot Point R1	149.59
Daily Pivot Point R2	149.86
Daily Pivot Point R3	150.08

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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