USD/JPY Price Analysis: Reclaims the 144.00 figure, despite a falling US dollar

USD/JPY marches firmly above 144.30, up by 0.16%.
During the week, the USD/JPY has been unable to break the BoJ’s line on the sand at 145.00.
The USD/JPY one-hour chart depicts the formation of a triple top, targeting a fall towards 143.00.

Christian Borjon Valencia FXStreet

The USD/JPY is recouping on Thursday, following 0.47% Wednesday losses, courtesy of falling US Treasury bond yields, which weighed on the greenback. However, fundamental factors like US central bank officials reiterating the need for higher rates to tame inflation bolstered the USD/JPY. Therefore, the USD/JPY st trading at 144.37, above its opening price by 0.18%.

USD/JPY Price Analysis: Technical outlook

The USD/JPY has been unable to break above/below the September 22 Bank of Japan intervention in the Forex markets, with price action staying in the 140.34-145.90 range. Even though the weekly high meandered ten pips shy of the 145.00 figure, traders remain nervous about another BoJ incursion in the FX space. Worth noting that the USD/JPY is trading sideways while the Relative Strength Index (RSI) keeps heading south. Therefore, the likelihood of a test of the 20-day EMA ar 143.27 is on the cards.

The one-hour chart portrays the USD/JPY as neutral-to-downward biased. At the time of writing, the USD/JPY is testing the 100-EMA, which, once broken, could pave the way towards 143.90, the September 28 daily low. Once cleared, the next support would be the 200-EMA at 143.85, followed by the S1 daily pivot at 143.72, ahead of the triple top target at 143.00.

Contrarily, if the USD/JPY clears the 145.00 figure, expect a re-test of the YTD high at 145.90 unless Japanese authorities re-enter the markets.

USD/JPY Key Technical Levels

USD/JPY

Overview
Today last price	144.38
Today Daily Change	0.16
Today Daily Change %	0.11
Today daily open	144.22

Trends
Daily SMA20	143.07
Daily SMA50	138.52
Daily SMA100	135.88
Daily SMA200	127.67

Levels
Previous Daily High	144.87
Previous Daily Low	143.91
Previous Weekly High	145.9
Previous Weekly Low	140.35
Previous Monthly High	139.08
Previous Monthly Low	130.4
Daily Fibonacci 38.2%	144.28
Daily Fibonacci 61.8%	144.5
Daily Pivot Point S1	143.79
Daily Pivot Point S2	143.37
Daily Pivot Point S3	142.83
Daily Pivot Point R1	144.76
Daily Pivot Point R2	145.3
Daily Pivot Point R3	145.72

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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