USD/JPY Surges Over 2% on Comments from Japan’s Prime Minister
- The Greenback makes a strong recovery against the Japanese Yen, rallying over 2% following remarks from Japan’s Prime Minister Ishiba.
- USD/JPY breaks through key resistance levels, including the 50-day moving average (DMA) at 145.53, currently trading near 146.47.
- For a bearish reversal, USD/JPY would need to drop below the 50-DMA, with 145.00 as the next critical support level.
On Wednesday, the USD/JPY pair saw a significant surge as the Greenback strengthened against the Japanese Yen. This rally of over 2% was triggered by comments made by Japan’s Prime Minister Ishiba, indicating that the economic conditions were not favorable for additional rate hikes. Consequently, the USD/JPY pair bounced back from its daily lows around 143.42 and surged sharply to its current exchange rate of 146.47.
USD/JPY Price Forecast: Technical Outlook
The technical analysis of USD/JPY reveals the following key points:
- The pair has broken through significant resistance levels and is moving towards the bottom of the Ichimoku Cloud (Kumo).
- It surpassed a resistance trendline dating back to August 15 highs around 144.00/10, paving the way for further upward movement.
- After breaking above the October 1 high of 144.53 and the 145.00 figure, USD/JPY exceeded the 50-day moving average (DMA) at 145.53, indicating a bullish trend.
To resume a bearish trajectory, USD/JPY would need to breach the 50-DMA, with 145.00 serving as a crucial support 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 JPY showing strength against the British Pound.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.02% | 0.02% | -0.01% | 0.02% | 0.00% | -0.38% | -0.00% |
The heatmap illustrates percentage changes of major currencies against each other. Choose the base currency from the left column and the quote currency from the top row to view the percentage change.