USD/JPY Bullish Momentum Continues
- USD/JPY has turned bullish after breaking through the Ichimoku Cloud and 200-day SMA.
- Momentum suggests further upside potential, with a target set at 160.00.
- Key resistance levels include 153.19, 154.00, and 155.21, while support lies at 151.38 and 150.79.
On Wednesday, the USD/JPY saw a significant increase during the North American session, driven by a positive correlation with the US 10-year T-note yield and concerns surrounding the US elections. The pair is currently trading at 152.60, up over 1% from previous levels.
Technical Outlook for USD/JPY
The recent rise in USD/JPY has pushed it above the Ichimoku Cloud and the 200-day SMA, indicating a bullish trend not seen since early August 2024.
Buyers are in control, as indicated by momentum and the Relative Strength Index (RSI), suggesting further upside towards the 160.00 target.
Key resistance levels to watch include 153.19, 154.00, and 155.21, with potential for gains up to 157.86. On the downside, support can be found at 151.38 and 150.79.
USD/JPY Price Chart – Daily
Japanese Yen Price Today
The table below shows the percentage change of the Japanese Yen (JPY) against major currencies today. Notably, the Yen was strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.22% | 0.51% | 0.98% | 0.17% | 0.85% | 0.72% | 0.13% |
The heat map displays the percentage changes of major currencies against each other, helping to understand the current market dynamics.
Analysis:
The USD/JPY pair has seen a bullish trend, driven by positive market sentiment and strong technical indicators. The break above key resistance levels signals further upside potential, with a target set at 160.00. Traders should watch for price movements around the resistance levels of 153.19, 154.00, and 155.21, while being mindful of support levels at 151.38 and 150.79.
Understanding these technical aspects of the USD/JPY pair can help traders make informed decisions and navigate the volatile currency markets effectively. By staying updated on market trends and key levels, investors can optimize their trading strategies and maximize their profits in the ever-changing financial landscape.