The USD/JPY pair closed below the crucial 150.00 level for the first time since March, dropping to a five-month low of 148.51. Technical indicators suggest a strong downtrend, with the RSI signaling a potential oversold rebound opportunity.
USD/JPY Price Analysis: Technical Outlook
As of Friday’s Asian session, the USD/JPY pair remains virtually unchanged at 149.34. The pair has broken below the 200-day moving average (DMA) and is significantly below the Ichimoku Cloud (Kumo), confirming the bearish trend. However, there are indications that the pair may be oversold and due for a mean reversion move.
If the USD/JPY manages to climb above 150.00, it faces resistance at 151.00, followed by the 200-DMA at 151.59 and the 152.00 level. On the downside, a drop below 148.51 could lead to further support at 148.00, with the March low of 146.48 as the next key level.
USD/JPY Price Action – Daily Chart
Japanese Yen Price Today
The table below displays the percentage change of the Japanese Yen (JPY) against major currencies today, with the JPY showing strength against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.01% | 0.00% | -0.03% | -0.02% | 0.04% | 0.02% | 0.00% |
The heat map indicates percentage changes of major currencies against each other. The base currency is on the left column, while the quote currency is on the top row. For example, JPY/USD represents the percentage change of JPY against USD.
Analysis:
The USD/JPY pair has experienced a significant decline, breaching the key 150.00 level and hitting a five-month low. Technical indicators point to a strong downtrend, but the RSI suggests a potential oversold bounce. Traders should watch for a possible rebound if the pair climbs back above 150.00. Support levels are identified at 148.51, 148.00, and 146.48, while resistance levels stand at 150.00, 151.00, and 152.00. Monitoring these levels can help traders make informed decisions and manage risk effectively in the volatile USD/JPY market.