USD/JPY Price Analysis: Marches firmly towards 144.40 after elevated US CPI

USD/JPY is in overbought conditions, but the BoJ’s dovish stance would keep the yen weak.
A clear break of 145.00 would send the major rallying toward August 1998 at 147.67.

Christian Borjon Valencia FXStreet

The USD/JPY rallied after the US Department of Labor reported that inflation was decelerating but exceeding estimations, catching off USD/JPY traders expecting a lower reading. At the time of writing, the USD/JPY is trading at 144.43, up by 1.09%.

USD/JPY Price Analysis: Technical outlook

After the US inflation report struck newswires, the USD/JPY rallied towards the daily highs at 144.68. Worth noting that, albeit being upward biased, the Relative Strength Index (RSI), alongside price action, shows signs that the USD/JPY is overbought. Nevertheless, the Bank of Japan’s dovish stance would likely pressure the Japanese yen, opening the door for the August 1998 test at 147.67.

Short term, the USD/JPY one-hour scale depicts the major testing of September’s 8 daily high at 144.44. A clear break would expose September 7 daily high at 144.56, followed by the YTD high at 144.99. On the other hand, the USD/JPY first support would be the 144.00 figure. Once cleared, the next support would be the R1 daily pivot at 143.50, followed by the 100 and 20-EMAs at around 143,18 – 143.05 area, respectively. A breach of the latter would expose the Daily pivot at 142.81.

USD/JPY Key Technical Levels

USD/JPY

Overview
Today last price	144.43
Today Daily Change	1.59
Today Daily Change %	1.11
Today daily open	142.84

Trends
Daily SMA20	139.06
Daily SMA50	136.98
Daily SMA100	134.21
Daily SMA200	125.87

Levels
Previous Daily High	143.5
Previous Daily Low	142.13
Previous Weekly High	144.99
Previous Weekly Low	140.12
Previous Monthly High	139.08
Previous Monthly Low	130.4
Daily Fibonacci 38.2%	142.97
Daily Fibonacci 61.8%	142.65
Daily Pivot Point S1	142.15
Daily Pivot Point S2	141.46
Daily Pivot Point S3	140.78
Daily Pivot Point R1	143.51
Daily Pivot Point R2	144.19
Daily Pivot Point R3	144.88

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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