USD/JPY Price Analysis: Advances modestly and reclaims 157.00
28.05.2024, 20:30

USD/JPY Price Analysis: Advances modestly and reclaims 157.00

  • USD/JPY touches two-week high at 157.15, reflecting continued upward momentum.
  • Technical analysis shows prices well above Ichimoku Cloud, indicating strong bullish signals.
  • Potential interventions by Japanese authorities create caution among traders eyeing higher positions.

The USD/JPY wavers around 157.00 as the Greenback remains steady in Tuesday’s session. The rise in the US 10-year Treasury bond yields underpins the major, which trades at 157.14 after hitting a two-week high of 157.15.

USD/JPY Price Analysis: Technical outlook

From a technical perspective, the USD/JPY is upward biased, as evidenced by successive series of higher highs and lows and price action standing above the Ichimoku Cloud (Kumo). Additionally, the spot price is also above the Tenkan and Kijun-Sen, a further indication of bulls’ strength. Yet intervention threats by Japanese authorities kept buyers at bay instead of committing to open fresh long positions.

As the USD/JPY cleared the 157.00 figure, further gains are foreseen. The first resistance level would be the April 26 high at 158.44, followed by the year-to-date (YTD) high at 160.32.

Conversely, if it stumbles below 157.00, look for a pullback below the confluence of the Tenkan-Sen at 156.05, which will sponsor a leg down. The next key support levels emerge at the Senkou Span A at 155.72, followed by the Kijun-Sen at 155.39, ahead of the 50-day moving average (DMA) at 154.08.

USD/JPY Price Analysis: Technical outlook

USD/JPY

Overview
Today last price 157.15
Today Daily Change 0.25
Today Daily Change % 0.16
Today daily open 156.9
 
Trends
Daily SMA20 155.66
Daily SMA50 154.09
Daily SMA100 151.31
Daily SMA200 149.35
 
Levels
Previous Daily High 157.02
Previous Daily Low 156.66
Previous Weekly High 157.2
Previous Weekly Low 155.5
Previous Monthly High 160.32
Previous Monthly Low 150.81
Daily Fibonacci 38.2% 156.8
Daily Fibonacci 61.8% 156.88
Daily Pivot Point S1 156.7
Daily Pivot Point S2 156.51
Daily Pivot Point S3 156.35
Daily Pivot Point R1 157.06
Daily Pivot Point R2 157.22
Daily Pivot Point R3 157.41

 

 

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