USD/JPY Price Analysis: Remains bullish amid intervention threats

USD/JPY advances towards 160.00 for the second time in 2024.
Momentum favors buyers with a bullish RSI, but risks of downward pressure remain.
Key resistance levels are 160.00, YTD high at 160.32, further gains at 160.50 and 161.00.
Key support levels are the day's low at 158.75, Tenkan-Sen at 157.82, Senkou Span A at 157.53, and Kijun-Sen at 157.24.

Christian Borjon Valencia FXStreet

The USD/JPY is flat but advanced steadily towards the 160.00 figure for the second time in 2024 and hit a two-month high of 159.93 before trimming some of earlier gains. The pair trades at 159.65, down some 0.10%, amid Japanese authority's verbal intervention.

USD/JPY Price Analysis: Technical outlook

The USD/JPY has managed to climb back above 159.00, even though traders were reluctant to re-test the Bank of Japan’s (BoJ) patience of intervening in the FX space to tame the Japanese Yen (JPY) depreciation.

Momentum favors buyers, with the Relatives Strength Index (RSI) remaining bullish, but downward risks remain. If the USD/JPY clears the psychological 160.00 mark, the next resistance would be the year-to-date (YTD) high of 160.32. Further gains are seen above 160.50 and at 161.00.

On the other hand, if USD/JPY drops below the day's low of 158.75, that could pave the way for testing key support levels. Up next would be the Tenkan-Sen at 157.82, followed by the Senkou Span A at 157.53, ahead of the Kijun-Sen at 157.24.

USD/JPY Price Action – Daily Chart

USD/JPY

Overview
Today last price	159.66
Today Daily Change	-0.16
Today Daily Change %	-0.10
Today daily open	159.82

Trends
Daily SMA20	157.15
Daily SMA50	156.15
Daily SMA100	153.22
Daily SMA200	150.35

Levels
Previous Daily High	159.84
Previous Daily Low	158.67
Previous Weekly High	159.84
Previous Weekly Low	157.16
Previous Monthly High	157.99
Previous Monthly Low	151.86
Daily Fibonacci 38.2%	159.39
Daily Fibonacci 61.8%	159.12
Daily Pivot Point S1	159.05
Daily Pivot Point S2	158.27
Daily Pivot Point S3	157.88
Daily Pivot Point R1	160.21
Daily Pivot Point R2	160.61
Daily Pivot Point R3	161.38

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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