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USD/JPY Price Analysis: Peaks below 145.00 amid Japanese intervention, choppy trading

USD/JPY experienced minor losses due to threats of Japanese Forex intervention and US Independence Day trading lull.
Technical indicators suggest the potential for a pullback, with the RSI nearing the overbought threshold and a negative RoC.
If USD/JPY retraces, key supports stand at 144.00 and 143.11, while a rally could target the November highs and beyond.

Christian Borjon Valencia FXStreet

USD/JPY trades with minuscule losses amidst verbal intervention by Japanese authorities, as week as choppy trading, with traders in the United States (US) out for the US Independence Day holiday. The USD/JPY is exchanging hands at 144.48 after hitting a daily high of 144.70.

USD/JPY Price Analysis: Technical outlook

The USD/JPY remains upward biased even though it cannot edge towards a new year-to-date (YTD) high of 145.07 amidst threats from Japanese authorities of steepening into the Forex markets. It should be said the Relative Strength Index (RSI) remains at overbought conditions, about to cross below the 70 levels, which could open the door for a deeper pullback.

Furthermore, the three-day Rate of Change (RoC) portrays that selling pressure is fading as it turned negative, suggesting that further downside is possible.

If USD/JPY retraces, the first support will be the 144.00 figure. A breach of the latter will expose the 38.2% Fibonacci retracement at 146.57, drawn from the lows of June 28 toward the YTD high. Once cleared, the 50% Fibo retracement will be up next at 143.11, followed by the confluence of the 20-day Exponential Moving Average (EMA) and the 61.8% golden ratio at 142.51/65.

Conversely, if USD/JPY rallies to new YTD highs above 145.00, the next resistance would be the November 10 high at 146.59, followed by the November 1 daily high at 148.82 and 2022 high at 151.94.

USD/JPY Price Action – Daily chart

USD/JPY

Overview

Today last price

144.5

Today Daily Change

-0.18

Today Daily Change %

-0.12

Today daily open

144.68

Trends

Daily SMA20

141.91

Daily SMA50

139.01

Daily SMA100

136.4

Daily SMA200

137.24

Levels

Previous Daily High

144.91

Previous Daily Low

143.99

Previous Weekly High

145.07

Previous Weekly Low

142.94

Previous Monthly High

145.07

Previous Monthly Low

138.43

Daily Fibonacci 38.2%

144.56

Daily Fibonacci 61.8%

144.34

Daily Pivot Point S1

144.14

Daily Pivot Point S2

143.6

Daily Pivot Point S3

143.21

Daily Pivot Point R1

145.06

Daily Pivot Point R2

145.45

Daily Pivot Point R3

145.99

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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