USD/JPY Price Analysis: Bulls clear 157.00, eyeing 158.00
10.06.2024, 20:02

USD/JPY Price Analysis: Bulls clear 157.00, eyeing 158.00

  • USD/JPY trades at 157.03, up 0.16%, driven by robust US employment figures.
  • Technical outlook shows bullish momentum with potential gains towards 158.00 and beyond.
  • Key support levels lie around 155.69/52 and 50-DMA at 155.11 if the pair dips below 156.00.

The USD/JPY jumped above the 157.00 figure on Monday, following last week’s stronger-than-expected employment data. Estimates that May’s inflation would likely remain high, with data pending to be released on Wednesday, ahead of the Federal Reserve’s monetary policy decision, drive the Greenback higher. The pair trades at 157.03, up 0.16%.

USD/JPY Price Analysis: Technical outlook

From a daily chart perspective, the USD/JPY remains consolidated with a slight upward tilt. The pair has climbed above the Ichimoku Cloud (Kumo), signaling buyers' strength. Momentum has turned bullish, but the pair may experience increased volatility due to potential intervention by Japanese authorities.

Should the USD/JPY clear the 157.00 figure, further gains lie ahead. Once cleared, the next stop would be 158.00. Further strength might see the pair reaching the April 26 high of 158.44 and then the year-to-date (YTD) high of 160.32.

Conversely, if the USD/JPY falls below 156.00, the first support level would be at the Senkou Span A and B confluence around 155.69/52, followed by the 50-day moving average (DMA) at 155.11. A breach of this level would expose the bottom of the Ichimoku Cloud (Kumo) around 153.40/50.

USD/JPY Price Action – Daily Chart

USD/JPY

Overview
Today last price 157.03
Today Daily Change 0.28
Today Daily Change % 0.18
Today daily open 156.75
 
Trends
Daily SMA20 156.35
Daily SMA50 155.01
Daily SMA100 152.21
Daily SMA200 149.83
 
Levels
Previous Daily High 157.07
Previous Daily Low 155.12
Previous Weekly High 157.47
Previous Weekly Low 154.55
Previous Monthly High 157.99
Previous Monthly Low 151.86
Daily Fibonacci 38.2% 156.33
Daily Fibonacci 61.8% 155.87
Daily Pivot Point S1 155.56
Daily Pivot Point S2 154.36
Daily Pivot Point S3 153.6
Daily Pivot Point R1 157.51
Daily Pivot Point R2 158.27
Daily Pivot Point R3 159.47

 

 

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