USD/JPY Price Analysis: Advances steadily yet consolidates below 158.00
18.06.2024, 20:23

USD/JPY Price Analysis: Advances steadily yet consolidates below 158.00

  • USD/JPY reaches daily high above 158.00, trading above key moving averages.
  • Technical indicators show bullish momentum, with resistance at 158.25 and 158.44.
  • Key support levels include 157.00, Senkou Span A at 156.16, and Kijun-Sen at 155.93.

The USD/JPY edges higher for the fourth straight day and registers modest gains of 0.08% after hitting a daily high above 158.00. Fears that Japanese authorities could intervene in the FX space keep the pair within familiar levels, trading at 157.85 at the time of writing.

USD/JPY Price Analysis: Technical outlook

The uptrend in the USD/JPY remains, though price action suggests that buyers remain cautious on Japanese intervention woes. 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 158.00, 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, the year-to-date (YTD) high of 160.32 would be next.

Conversely, sellers can challenge key support levels if USD/JPY drops below 157.00. 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 157.84
Today Daily Change 0.12
Today Daily Change % 0.08
Today daily open 157.72
 
Trends
Daily SMA20 156.76
Daily SMA50 155.68
Daily SMA100 152.77
Daily SMA200 150.13
 
Levels
Previous Daily High 157.96
Previous Daily Low 157.16
Previous Weekly High 158.26
Previous Weekly Low 155.72
Previous Monthly High 157.99
Previous Monthly Low 151.86
Daily Fibonacci 38.2% 157.65
Daily Fibonacci 61.8% 157.46
Daily Pivot Point S1 157.27
Daily Pivot Point S2 156.81
Daily Pivot Point S3 156.46
Daily Pivot Point R1 158.07
Daily Pivot Point R2 158.42
Daily Pivot Point R3 158.87

 

 

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