USD/JPY Price Analysis: Hovers around the psychological support of 150.00 on Wednesday

USD/JPY could break below immediate support at the 150.00 psychological level.
A break below a nine-day EMA at 149.81 could lead the pair to test the major support at 149.50.
Technical indicators suggest a confirmation of the bullish trend for the pair.

Akhtar Faruqui FXStreet

USD/JPY seems to remain in the negative territory for the third consecutive day. The USD/JPY pair hovers near 150.10 during the European session on Wednesday. The immediate support appears at the psychological level of 150.00.

A break below the latter could impact the USD/JPY pair to test the nine-day Exponential Moving Average (EMA) at 149.81 followed by the major support at 149.50. If the pair breaks the major support, it could approach the psychological support zone around the 149.00 level following the 23.6% Fibonacci retracement level of 148.50.

However, the technical analysis for the USD/JPY pair suggests a bullish momentum as the 14-day Relative Strength Index (RSI) is positioned above the 50 level. Additionally, the lagging indicator of the Moving Average Convergence Divergence (MACD) signals a confirmation of the bullish trend, with the MACD line positioned above the centerline and the signal line.

On the upside, the USD/JPY pair could find the resistance zone around the weekly high at 150.43 and the major barrier at 150.50 level. A breakthrough above this zone could lead the pair to revisit February’s high at 150.88 followed by the psychological resistance level of 151.00.

USD/JPY: Daily Chart

USD/JPY: other technical levels

Overview
Today last price	150.07
Today Daily Change	0.10
Today Daily Change %	0.07
Today daily open	149.97

Trends
Daily SMA20	148.73
Daily SMA50	146
Daily SMA100	147.58
Daily SMA200	145.5

Levels
Previous Daily High	150.44
Previous Daily Low	149.68
Previous Weekly High	150.89
Previous Weekly Low	148.93
Previous Monthly High	148.81
Previous Monthly Low	140.81
Daily Fibonacci 38.2%	149.97
Daily Fibonacci 61.8%	150.15
Daily Pivot Point S1	149.62
Daily Pivot Point S2	149.28
Daily Pivot Point S3	148.87
Daily Pivot Point R1	150.38
Daily Pivot Point R2	150.78
Daily Pivot Point R3	151.13

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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