- The USD/JPY oscillates around Tuesday’s open, above the 144.70 mark.
- The major remains upward biased but approaching the 20-day EMA, which, once cleared, could pave the way for further downside.
- Short term, the USD/JPY is downward biased, as a double-top emerged in the 1-hour chart.
The USD/JPY fluctuates around the week’s high 144.78, amidst a risk-on impulse, as portrayed by US equities sustaining decent gains following the sell-off of the last couple of trading sessions, courtesy of an upbeat sentiment. At the time of writing, the USD/JPY is trading at 144.80, almost flat.
USD/JPY Price Analysis: Technical outlook
The USD/JPY is range-bound in the 142.00-145.00 range following last week’s intervention. Even though the major remains upward biased, and the 20-day EMA is closing to price action, which means that a break below the latter would exert downward pressure on the pair in the near term.
Short term, the USD/JPY one-hour chart shows that a double-top chart pattern is emerging at around the 144.60-75 area, which could pave the way for further losses. Nevertheless, the 20 and the 50-EMAs, meandering around 144.51 and 144.16, respectively, would be difficult to surpass. But once cleared, a fall towards the S1 daily pivot at around 143.70 is on the cards.
On the flip side, the USD/JPY’s first resistance would be the 145.00 figure, the line in the sand imposed by the Bank of Japan, last week’s intervention. Break above will expose the YTD high at 145.90, ahead of the 146.00 figure.
USD/JPY Key Technical Levels
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.
Recommended content
Editors’ Picks
AUD/USD fades recovery moves above 0.6700 ahead of RBA Bulletin, Australia Trade Balance
AUD/USD struggles to defend the latest bullish impulse around 0.6725-30, after bouncing off a one-week low the previous day, as traders await updates/data from Australia during early Thursday.
EUR/USD: Bulls rejected and bears eye break below 1.0480
1.0550 is capping the bulls that look for space above 1.0600. The price moved in on the support zone and has found buyers again. The bulls eye an upside continuation with 1.0600 on the radar on a break of the bull cycle highs.
Gold eyes further upside on downbeat United States Treasury bond yields
Gold price seesaws around $1,785, after posting the biggest daily gains in a week, as buyers seek more clues to approach the five-month top marked earlier in the week. The yellow metal’s latest run-up could be linked to the downbeat performance of the United States Treasury bond yields.
Binance’s US arm eliminating trading fees for ETH means this for Ethereum price
Binance has managed to cement itself in the crypto space as a leader over the last couple of weeks. Following FTX’s collapse, the world’s biggest cryptocurrency exchange has been attempting to regain its customers’ trust and confidence.
What happens after the Fed reaches the terminal rate
The discrepancy starts to show. What will the Fed do? For now, the Fed is raising rates to stave off inflation, and are expected to level out at around 5.0%.