The USD/JPY pair closed August above the Kijun-Sen and Ichimoku Cloud, indicating strong buyer strength in the market. To target the year-to-date high of 161.95, a break above the 152.00 level is needed. Currently, the pair is consolidating within a range of 140.78-147.30 inside the Ichimoku Cloud, suggesting potential for sideways trading. A break above 149.39 is required for the uptrend to continue, while a dip to 141.69 could test the Kumo bottom at 140.78.
Buyer momentum is increasing, with a target set at Kijun-Sen at 148.46. Key resistance levels to watch include 147.00 and 148.00. A fall below Senkou Span A at 146.90 may lead to further downside towards 146.00 and Tenkan-Sen at 145.31, approaching the 145.00 support level.
USD/JPY Price Forecast: Technical Outlook
The USD/JPY monthly chart shows the pair closing above the Kijun-Sen and Ichimoku Cloud, signaling buyer control. However, a clear break above 152.00 is needed to re-test the YTD high at 161.95. On the weekly chart, the pair is consolidating within a range, with buyers needing to surpass 149.39 for the uptrend to resume. Sellers, on the other hand, must break below 141.69 to test the Kumo bottom at 140.78.
On the daily chart, buyers are gaining control and targeting Kijun-Sen at 148.46. Key resistance levels at 147.00 and 148.00 need to be overcome for further upside potential. Conversely, a move below Senkou Span A at 146.90 could lead to a decline towards 146.00 and Tenkan-Sen at 145.31, approaching the 145.00 support level.
USD/JPY Price Action – Daily Chart
Japanese Yen PRICE Today
The table below shows the percentage change of Japanese Yen (JPY) against major currencies today. Japanese Yen was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.00% | -0.03% | -0.02% | 0.03% | 0.02% | 0.02% | -0.18% | 0.00% |
| EUR | -0.01% | 0.00% | -0.02% | 0.02% | 0.03% | 0.03% | -0.08% | 0.00% |
| GBP | -0.01% | -0.02% | 0.00% | -0.01% | -0.02% | -0.02% | -0.09% | 0.00% |
| JPY | -0.03% | -0.02% | 0.01% | 0.00% | 0.01% | -0.00% | 0.00% | 0.00% |
| CAD | -0.02% | -0.03% | -0.01% | -0.01% | 0.00% | 0.02% | -0.01% | -0.03% |
| AUD | -0.02% | -0.03% | -0.01% | 0.00% | -0.02% | 0.00% | -0.01% | -0.03% |
| NZD | 0.18% | -0.08% | -0.09% | -0.01% | -0.01% | 0.00% | 0.00% | 0.03% |
| CHF | 0.00% | -0.01% | -0.01% | -0.01% | -0.03% | -0.03% | -0.03% | 0.00% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
Analysis and Conclusion
The USD/JPY pair is showing signs of bullish momentum, with buyers in control of the market. A break above the key resistance level of 152.00 could signal a further uptrend towards the year-to-date high of 161.95. However, if sellers manage to push the price below the support levels at 146.90 and 145.31, the pair could face downside pressure towards the 145.00 level.
Traders and investors should closely monitor the price action around the resistance levels at 147.00 and 148.00, as well as the support levels at 146.90 and 145.31. Breaking these key levels could determine the future direction of the USD/JPY pair and provide trading opportunities based on the technical analysis provided.