USD/JPY Price Analysis: Holds ground above 149.00 aligned to high since November

USD/JPY experiences upward support due to the US economic data.
Momentum indicators suggest a predominant bullish sentiment in the market.
The psychological level at 148.00 could emerge as a key support aligned with the 14-day EMA.

Akhtar Faruqui FXStreet

USD/JPY hovers slightly below the high since November, trading around 149.10 psychological level during the Asian session on Wednesday. Market caution is bolstering the US Treasury yields, which supports the US Dollar (USD) against the Japanese Yen (JPY).

Bank of Japan (BoJ) policy meeting minutes showed that policymakers were in favor of maintaining current monetary easing to hit the price target, while several members emphasized the downside risks to Japan's economy.

The upward momentum is potentially bullish as the 14-day Relative Strength Index (RSI) continues to stay above the 50 level. The psychological level at 150.00 could act as resistance.

A firm break above that level could inspire the USD/JPY bulls to explore the area around October’s high at 151.94 level.

On the downside, The USD/JPY pair could meet key support around the 148.00 psychological level lined up with a 14-day Exponential Moving Average (EMA) at 148.01.

If the USD/JPY pair collapses below the latter, the bears could navigate the region around the psychological level at 147.00, following the 23.6% Fibonacci retracement at 146.36.

The Moving Average Convergence Divergence (MACD) line remains above the centerline and the signal line. This setup indicates that the momentum in the USD/JPY's price is potentially strong, suggesting bullish sentiment.

USD/JPY: Daily Chart

USD/JPY: additional important levels

Overview
Today last price	149.08
Today Daily Change	0.02
Today Daily Change %	0.01
Today daily open	149.06

Trends
Daily SMA20	147.46
Daily SMA50	145.14
Daily SMA100	142.72
Daily SMA200	137.78

Levels
Previous Daily High	149.19
Previous Daily Low	148.71
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
Daily Fibonacci 61.8%	148.89
Daily Pivot Point S1	148.78
Daily Pivot Point S2	148.5
Daily Pivot Point S3	148.3
Daily Pivot Point R1	149.26
Daily Pivot Point R2	149.47
Daily Pivot Point R3	149.75

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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