USD/JPY Climbs Over 1% After Powell’s Comments
- USD/JPY is trading at 143.69 after Fed Chair Powell’s remarks.
- Key resistances like the 200-DMA and Ichimoku Cloud are still in play.
- Potential for USD/JPY to reach 145.00 if it breaks above 144.00.
On Monday, the USD/JPY saw a significant increase, rising over 1% to trade at 143.69 following comments from Federal Reserve Chair Jerome Powell.
Powell noted that inflation levels have returned to pre-pandemic levels and mentioned a significant decline in the job finding rate. Additionally, he stated that there is no rush to accelerate rate cuts.
USD/JPY Price Forecast: Technical Analysis
Despite the recent gains, the USD/JPY maintains a bearish outlook as it remains below key technical indicators:
- The 200-day moving average (DMA)
- The Ichimoku Cloud (Kumo)
The Relative Strength Index (RSI) suggests some bullish momentum, but the currency pair needs to overcome significant resistance levels to continue its upward trend.
If USD/JPY breaks above 144.00, it could target 145.00, followed by the 50-day moving average at 145.92 and the bottom of the Kumo around 148.00-148.20. On the other hand, a failure to break above 144.00 may lead to a pullback to support levels at 143.46 and 143.39.
USD/JPY Price Action on Daily Chart
Japanese Yen PRICE Today
The table below shows the percentage change of the Japanese Yen (JPY) against other major currencies today. Notably, the JPY was strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.27% | -0.01% | 1.02% | 0.10% | -0.17% | -0.26% | 0.58% |
The heat map visualizes the percentage changes of major currencies against each other, providing valuable insights for traders and investors.
Stay informed about the latest currency trends to make well-informed financial decisions.