USD/JPY Price Analysis: Faces strong resistance as bulls target 157.00
22.05.2024, 19:50

USD/JPY Price Analysis: Faces strong resistance as bulls target 157.00

  • USD/JPY erases Tuesday's losses, trading at 156.67, up 0.31% after Fed minutes indicate possible rate hikes.
  • Technical outlook shows resistance at May 14 high of 156.76 and next supply area at 157.00.
  • Further resistance levels: April 26 high at 158.44 and YTD high at 160.32.
  • Key support levels: Tenkan-Sen at 156.05, Senkou Span A at 155.61, and Kijun-Sen at 155.18.

The USD/JPY erased Tuesday’s losses and climbed past the 156.50 area after the announcement of the latest US Federal Reserve meeting minutes. The minutes showed that officials could raise rates if inflation warrants it. The pair trades at 156.67, up 0.31%.

USD/JPY Price Analysis: Technical outlook

The USD/JPY uptrend continues, yet it's facing stir resistance at the May 14 high of 156.76. In the event that buyers reclaim the latter, the 157.00 mark would surface as the next supply area. Further gains lie overhead, with April 26 seen as the next resistance at 158.44, before challenging the year-to-date (YTD) high of 160.32.

Conversely, if the pair drops below the Tenkan-Sen at 156.05, that will expose the Senkou Span A at 155.61, followed by the Kijun-Sen at 155.18.

USD/JPY Price Action – Daily Chart

USD/JPY

Overview
Today last price 156.7
Today Daily Change 0.53
Today Daily Change % 0.34
Today daily open 156.17
 
Trends
Daily SMA20 155.56
Daily SMA50 153.43
Daily SMA100 150.8
Daily SMA200 149.14
 
Levels
Previous Daily High 156.55
Previous Daily Low 155.84
Previous Weekly High 156.79
Previous Weekly Low 153.6
Previous Monthly High 160.32
Previous Monthly Low 150.81
Daily Fibonacci 38.2% 156.11
Daily Fibonacci 61.8% 156.28
Daily Pivot Point S1 155.83
Daily Pivot Point S2 155.48
Daily Pivot Point S3 155.12
Daily Pivot Point R1 156.53
Daily Pivot Point R2 156.89
Daily Pivot Point R3 157.24

 

 

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