USD/JPY Price Analysis: Struggles at 151.00 drops below Tenkan-Sen, 150.00 eyed

USD/JPY slightly retraces following Wednesday's gains, as US Dollar weakness and a shift to safe-haven assets favor the Japanese Yen.
Short-term bearish bias with a potential deeper pullback if the pair falls below the Tenkan-Sen at 150.92, with key support levels targeted at 150.32 and 150.00.
A recovery above 150.91 could renew buying interest, targeting the 151.00 level and possibly retesting the year-to-date high at 151.91.

Christian Borjon Valencia FXStreet

USD/JPY retraces some of Wednesday’s 0.60% gains on Thursday due to overall US Dollar (USD) weakness amid a risk-off impulse. Worse than expected, fundamental data from Japan’s triggered flows toward safe-haven assets, boosting appetite toward the Japanese Yen (JPY). At the time of writing, the major trades at 150.61, virtually unchanged in the early Asian Friday session.

According to the daily chart, the USD/JPY remains upward biased for the long term, but in the short term, the drop below the Tenkan-Sen at 150.92 could open the door for a deeper pullback, and test key support levels.

The first support would be the Kijun-Sen at 150.32, before diving to the 150.00 psychological figure. The correction would extend further, once traders clear the latter, with intermediate support seen at the November 3 low of 149.18, before sliding toward the Senkou Span B level at 148.91.

On the other hand, if USD/JPY buyers reclaim the Tenkan-Sen at 150.91, that would sponsor a leg-up above the 151.00 mark, opening the door to retesting the year-to-date (YTD) high at 151.91.

USD/JPY Price Analysis – Daily Chart

USD/JPY Technical Levels

USD/JPY

Overview
Today last price	150.62
Today Daily Change	-0.80
Today Daily Change %	-0.53
Today daily open	151.42

Trends
Daily SMA20	150.44
Daily SMA50	149.34
Daily SMA100	146.39
Daily SMA200	141.2

Levels
Previous Daily High	151.42
Previous Daily Low	150.05
Previous Weekly High	151.6
Previous Weekly Low	149.35
Previous Monthly High	151.72
Previous Monthly Low	147.32
Daily Fibonacci 38.2%	150.89
Daily Fibonacci 61.8%	150.57
Daily Pivot Point S1	150.5
Daily Pivot Point S2	149.59
Daily Pivot Point S3	149.14
Daily Pivot Point R1	151.87
Daily Pivot Point R2	152.33
Daily Pivot Point R3	153.24

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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