USD/JPY Price Analysis: Rises above 157.00 as US yields underpin the pair
17.06.2024, 21:35

USD/JPY Price Analysis: Rises above 157.00 as US yields underpin the pair

  • USD/JPY hits a daily low of 156.81, currently trading at 157.43.
  • Major trading above 50, 100, and 200-day moving averages, confirming upward bias.
  • Key resistance levels: 158.25 (June 17 high) and 158.44 (April 26 peak), with YTD high at 160.32 in sight.

The USD/JPY climbed for the second straight day, up 0.27% after hitting a daily low of 156.81, as US Treasury bond yields climbed six basis points on speculation that the Federal Reserve will keep interest rates unchanged. At the time of writing, the pair trades at 157.43.

USD/JPY Price Analysis: Technical outlook

The uptrend in the USD/JPY remains, though Monday’s price action suggests that buyers remain cautious amid fears of Japanese authority's intervention. The major is trading above the 50, 100, and 200-day moving averages (DMAs), further confirming the upward bias supported by the Relatives Strength Index (RSI), which shows momentum is bullish.

If USD/JPY climbs above 157.00, the next resistance level would be the 158.25 high hit on June 17, followed by the April 26 peak at 158.44. If those levels are cleared, up next would be the year-to-date (YTD) high of 160.32.

Conversely, if USD/JPY drops below 157.00, sellers can challenge key support levels. The first one would be the Senkou Span A at 156.16, followed by the Kijun-Sen at 155.93. The next demand area would be the Senkou Span B at 155.52.

USD/JPY Price Action – Daily Chart

USD/JPY

Overview
Today last price 157.7
Today Daily Change 0.31
Today Daily Change % 0.20
Today daily open 157.39
 
Trends
Daily SMA20 156.68
Daily SMA50 155.56
Daily SMA100 152.66
Daily SMA200 150.07
 
Levels
Previous Daily High 158.26
Previous Daily Low 156.81
Previous Weekly High 158.26
Previous Weekly Low 155.72
Previous Monthly High 157.99
Previous Monthly Low 151.86
Daily Fibonacci 38.2% 157.7
Daily Fibonacci 61.8% 157.36
Daily Pivot Point S1 156.71
Daily Pivot Point S2 156.04
Daily Pivot Point S3 155.27
Daily Pivot Point R1 158.16
Daily Pivot Point R2 158.93
Daily Pivot Point R3 159.6

 

 

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