USD/JPY Price Analysis: Rising wedge, Japan intervention fears prod Yen pair buyers at 144.00

USD/JPY struggles to defend upside momentum at yearly top.
Rising wedge bearish chart formation, fears of Japan government intervention Yen sellers.
100-HMA, one-week-long ascending support line act as additional downside filters.
Bulls need to provide daily closing beyond 145.10 to keep the reins.

Anil Panchal FXStreet

USD/JPY buyers lack upside momentum during early Wednesday as the Yen pair seesaws near 144.00, printing mild losses heading into the European session.

The quote’s latest performance appears interesting as it stays within the weekly rising wedge bearish chart formation while making rounds to the highest levels since November 2022.

That said, the bearish MACD signals, steady RSI (14) line and chatters about the Japanese government’s market intervention also seem to challenge the USD/JPY buyers of late.

On the same line is the cautious mood ahead of Bank of Japan (BoJ) Governor Kazuo Ueda’s speech at the European Central Bank (ECB) Forum in Sintra.

With this, the USD/JPY sellers remain hopeful of consolidating the biggest monthly gains since February.

However, a clear downside break of the 143.50 support becomes necessary to confirm the bearish chart formation suggesting a theoretical target of 145.70.

Even so, the 100-Hour Moving Average (HMA) and the one-week-old rising support line, respectively near 143.30 and 142.80 act as additional downside filters to challenge the USD/JPY bears.

Meanwhile, the stated wedge’s top line of near 144.20 guards the USD/JPY pair’s immediate upside ahead of the October 2022 low of 145.10. Following that, the theoretical target of 145.70 and the 146.00 round figure may lure the pair buyers.

USD/JPY: Hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	143.98
Today Daily Change	-0.10
Today Daily Change %	-0.07%
Today daily open	144.08

Trends
Daily SMA20	140.88
Daily SMA50	138.19
Daily SMA100	135.88
Daily SMA200	137.22

Levels
Previous Daily High	144.18
Previous Daily Low	143.28
Previous Weekly High	143.87
Previous Weekly Low	141.21
Previous Monthly High	140.93
Previous Monthly Low	133.5
Daily Fibonacci 38.2%	143.83
Daily Fibonacci 61.8%	143.62
Daily Pivot Point S1	143.51
Daily Pivot Point S2	142.95
Daily Pivot Point S3	142.62
Daily Pivot Point R1	144.41
Daily Pivot Point R2	144.74
Daily Pivot Point R3	145.3

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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