USD/JPY Price Analysis: Pullback from weekly high as buyers’ eye further gains

USD/JPY dips but retains gains for the week with a slight 0.17% increase, hinting at a bullish undertone.
Technical outlook suggests neutrality with an upward bias, positioned above the Ichimoku Cloud.
Resistance and support levels outlined for potential bullish continuation or pullback scenarios.

Christian Borjon Valencia FXStreet

The USD/JPY retreats, after hitting weekly highs of 150.77, aim back below the 150.50 figure late in the North American session. The major exchanges hands at 150.44, down 0.05%, but set to finish the week with gains of 0.17%.

From a technical perspective, the pair is neutral to upward biased, remaining well positioned above the Ichimoku Cloud (Kumo). Price action suggests that buyers need to push the USD/JPY above the February 13 high at 150.88 to remain hopeful for a bullish continuation. The next resistance would be 151.00, followed by last year’s high at 151.91. Relative Strength Index (RSI) studies remain bullish, indicating that buyers might have the upper hand.

Conversely, if sellers drag the USD/JPY below 150.00, that will pave the way for a pullback. The next demand area will be the Tenkan-Sen at 150.05, followed by the Senkou Span A at 149.22. A further downside is seen at the Kijun Sen at 148.39.

USD/JPY Price Action – Daily Chart

USD/JPY TECHNICAL LEVELS

Overview
Today last price	150.49
Today Daily Change	-0.01
Today Daily Change %	-0.01
Today daily open	150.5

Trends
Daily SMA20	149
Daily SMA50	146.32
Daily SMA100	147.61
Daily SMA200	145.62

Levels
Previous Daily High	150.69
Previous Daily Low	150.02
Previous Weekly High	150.89
Previous Weekly Low	148.93
Previous Monthly High	148.81
Previous Monthly Low	140.81
Daily Fibonacci 38.2%	150.43
Daily Fibonacci 61.8%	150.28
Daily Pivot Point S1	150.12
Daily Pivot Point S2	149.73
Daily Pivot Point S3	149.45
Daily Pivot Point R1	150.79
Daily Pivot Point R2	151.08
Daily Pivot Point R3	151.46

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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