USD/JPY Price Analysis: Treads water around 151.70; next support at nine-day EMA
- USD/JPY could meet the immediate barrier around March’s high of 151.97 and the psychological level of 152.00.
- The lagging indicators suggest a confirmation of the bullish trend for the pair.
- The pair could test the support region around the major level of 151.50 and the nine-day EMA at 151.39.
USD/JPY exhibits sideways trading on Thursday, hovering around 151.70 during the European trading hours. The pair may encounter immediate resistance around the recent high of 151.95 marked on Wednesday, which aligns with March’s high of 151.97 and the psychological level of 152.00.
A breakthrough above this level could support further upward movement, potentially allowing the USD/JPY pair to explore the region around the major level of 152.50.
The technical analysis for the USD/JPY pair indicates a bullish momentum, with the 14-day Relative Strength Index (RSI) positioned above the 50 level.
Additionally, the Moving Average Convergence Divergence (MACD) indicator confirms the bullish trend, with the MACD line above the centerline and showing divergence above the signal line.
On the downside, the USD/JPY could find immediate support at the significant level of 151.50, followed by the nine-day Exponential Moving Average (EMA) at 151.39.
A breach below the latter level might exert downward pressure on the USD/JPY pair, potentially leading to a test of the psychological mark of 151.00 before reaching the Fibonacci 23.6% retracement level of 150.67.
USD/JPY: Daily Chart
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.
