USD/JPY Price Analysis: Bears charge helped by intervention rumors, eye 152.00
03.05.2024, 19:27

USD/JPY Price Analysis: Bears charge helped by intervention rumors, eye 152.00

  • USD/JPY drops 0.49%, extending a downtrend possibly sparked by earlier BoJ intervention.
  • Bearish harami pattern observed; recovery contingent on breaking 153.00 resistance.
  • Key support at 152.00; further declines may target April's low of 150.81.

The USD/JPY dropped for the third straight day and accumulated losses of more than 3.40% in the week after a suspected intervention by the Bank of Japan (BoJ) on Monday. Since then, the pair formed a two-candlestick chart pattern, a ‘bearish harami’ which reassembles an inside day, confirmed by Wednesday’s price action. That said, on Friday, the pair fell 0.49% and traded at 152.93.

USD/JPY Price Analysis: Technical outlook

Despite retreating sharply during the week, the USD/JPY is still upward biased, as shown by the daily chart. The pair registered a daily low at the confluence of October 21, 2022, low and the 50-day moving average at around 151.87/92, but buyers lifted the pair toward current exchange rates.

If buyers push prices above 153.00 and achieve a daily close above the latter, that could pave the way for further gains. The first resistance would be the Senkou Span B at 153.35, followed by the 154.00 figure. Further gains are seen once those levels are surpassed, with the next resistance seen at the confluence of the Senkou Span A and the Kijun-Sen at 155.78.

On the other hand, the first support would be the 152.00 mark, followed by the previously mentioned confluence of the 50-DMA and October’s 2022 high at 151.92/87. A breach of that level would cause the pair to dive toward April’s 5 low at 150.81.

USD/JPY Price Action – Daily Chart

USD/JPY

Overview
Today last price 152.93
Today Daily Change -0.75
Today Daily Change % -0.49
Today daily open 153.68
 
Trends
Daily SMA20 154.45
Daily SMA50 151.88
Daily SMA100 149.1
Daily SMA200 148.36
 
Levels
Previous Daily High 156.28
Previous Daily Low 153.06
Previous Weekly High 158.44
Previous Weekly Low 154.46
Previous Monthly High 160.32
Previous Monthly Low 150.81
Daily Fibonacci 38.2% 154.29
Daily Fibonacci 61.8% 155.05
Daily Pivot Point S1 152.4
Daily Pivot Point S2 151.12
Daily Pivot Point S3 149.17
Daily Pivot Point R1 155.62
Daily Pivot Point R2 157.57
Daily Pivot Point R3 158.85

 

 

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