USD/JPY Price Analysis: Remains above 151.00 post retreating from a yearly high

USD/JPY could revisit the yearly high at 151.72 on a stronger US Dollar.
Key support emerges at 151.00 major level following the 21-day EMA.
Technical indicators suggest bullish momentum for the pair.

Akhtar Faruqui FXStreet

USD/JPY consolidates near 151.20 during the European session on Wednesday, pulling back from the recent yearly high of 151.72 reached on Tuesday. The pair surged after the Bank of Japan (BoJ) scrapped the 1% ceiling for the 10-year government bond yield.

The immediate support at 151.00 comes into play, with the 21-day Exponential Moving Average (EMA) at 149.76 serving as the next support level. A decisive break below the latter could open the door for USD/JPY bears to target the 23.6% Fibonacci retracement around 148.28.

The unexpected decrease in China's Caixin Manufacturing Purchasing Managers' Index (PMI) could contribute to the pressure on the Japanese Yen (JPY). The report printed a figure of 49.5 in October, falling below the expected 50.8 and September's expansion at 50.6.

The Moving Average Convergence Divergence (MACD) line's position above the centerline and the signal line suggests a potential bullish momentum. Furthermore, the 14-day Relative Strength Index (RSI) above the 50 level indicates a favorable market sentiment, supporting the notion of bullish momentum for the USD/JPY pair.

On the upside, the USD/JPY could face resistance near the highs marked in October 2022 at 151.94, which is lined up with a 152.00 psychological level.

USD/JPY: Daily Chart

USD/JPY: other levels to watch

Overview
Today last price	151.22
Today Daily Change	-0.45
Today Daily Change %	-0.30
Today daily open	151.67

Trends
Daily SMA20	149.62
Daily SMA50	148.36
Daily SMA100	145.47
Daily SMA200	140.08

Levels
Previous Daily High	151.72
Previous Daily Low	149.03
Previous Weekly High	150.78
Previous Weekly Low	149.32
Previous Monthly High	151.72
Previous Monthly Low	147.32
Daily Fibonacci 38.2%	150.69
Daily Fibonacci 61.8%	150.06
Daily Pivot Point S1	149.89
Daily Pivot Point S2	148.11
Daily Pivot Point S3	147.19
Daily Pivot Point R1	152.59
Daily Pivot Point R2	153.5
Daily Pivot Point R3	155.28

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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