USD/JPY Price Analysis: Surges past 159.00, approaches Yentervention levels
21.06.2024, 20:36

USD/JPY Price Analysis: Surges past 159.00, approaches Yentervention levels

  • USD/JPY rises to 159.59, nearing the pivotal 160.00 mark, propelled by robust US PMI data.
  • Key resistance at 160.00 and YTD high of 160.32; potential for Bank of Japan intervention looms.
  • Support found at 159.00, June 14 high of 158.25, 158.00, with additional support at Tenkan-Sen (157.69) and Senkou Span A (157.40).

The US Dollar climbs against the Japanese Yen on Friday and approaches intervention levels ahead of the weekend. Stronger than expected US S&P Global Flash PMIs overshadowed weaker housing data and weighed the JPY. Therefore, the USD/JPY trades at 159.59, gains 0.42%.

USD/JPY Price Analysis: Technical outlook

The major has finally broken the barrier of 159.00 and closes to intervention levels reached on April 29, when the USD/JPY cleared the 160.00 figure. This triggered a reaction by the Bank of Japan, which intervened in the FX space, sending the pair tumbling 400 pips to 156.06 after hitting a daily high of 160.32.

Despite that, the USD/JPY remains upward biased, and the next resistance would be 160.00. Once cleared up, next would be the year-to-date (YTD) high of 160.32.

Conversely, the most likely scenario due to intervention threats is the USD/JPY first support of 159.00. Once cleared, the next support would be the June 14 high at 158.25, followed by 158.00. Further losses are seen at the Tenkan-Sen at 157.69, followed by Senkou Span A at 157.40, ahead of the Kijun-Sen at 157.11

USD/JPY Price Action – Daily Chart

USD/JPY

Overview
Today last price 159.66
Today Daily Change 0.72
Today Daily Change % 0.45
Today daily open 158.94
 
Trends
Daily SMA20 157.01
Daily SMA50 156.01
Daily SMA100 153.1
Daily SMA200 150.29
 
Levels
Previous Daily High 158.95
Previous Daily Low 157.84
Previous Weekly High 158.26
Previous Weekly Low 155.72
Previous Monthly High 157.99
Previous Monthly Low 151.86
Daily Fibonacci 38.2% 158.52
Daily Fibonacci 61.8% 158.26
Daily Pivot Point S1 158.2
Daily Pivot Point S2 157.46
Daily Pivot Point S3 157.09
Daily Pivot Point R1 159.31
Daily Pivot Point R2 159.69
Daily Pivot Point R3 160.43

 

 

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