-
USD/JPY stuck in a tight range in the past few sessions.
-
The pair is within breathing distance from 2023 peak.
-
Momentum indicators soften but remain positive.
USD/JPY has been in a steady uptrend since late 2023, forming a V-shaped recovery from its November-December rout. Moreover, in the past few sessions, the pair has been trading sideways near its 2024 peak of 150.87, a tad below its 33-year high of 151.94 registered in October 2022.
Should bullish pressures persist, the price might revisit its recent three-month peak of 150.87. Conquering this barricade, the bulls could attack the 2023 high of 151.90, which lies marginally below the 33-year peak of 151.94. Further advances could then cease at 154.64, which is the 123.6% Fibonacci extension of the 151.90-140.24 downleg.
On the flipside, bearish actions may send the price lower to test the 78.6% Fibo of 148.40. A violation of that territory could pave the way for the 61.8% Fibo of 147.44. Failing to halt there, the pair could descend towards the 50.0% Fibo of 146.06, which provided support in early February.
Overall, USDJPY has been trading sideways near its 2024 peak amid weakening positive momentum. Should the pair claim this barrier, there is no prominent resistance before the 33-year peak of 151.94.
Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.
Recommended Content
Editors’ Picks
Gold gives away some gains, slips back to $2,980
Gold retraced from its earlier all-time highs above the key $3,000 mark on Friday, finding a footing around $2,980 per troy ounce. Profit-taking, rising US yields, and a shift to a risk-on environment seem to be putting the brakes on further gains for the metal.
EUR/USD remains firm and near the 1.0900 barrier
EUR/USD is finding its footing and trading comfortably in positive territory as the week wraps up, shaking off two consecutive daily pullbacks and setting its sights back on the pivotal 1.0900 mark—and beyond.
GBP/USD remains depressed, treads water in the low-1.2900s
GBP/USD is holding steady in consolidation territory after Friday’s opening bell on Wall Street, hovering in the low-1.2900 range. This resilience comes despite disappointing UK data and persistent selling pressure on the USD.
Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound
Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.
Week ahead – Central banks in focus amid trade war turmoil
Fed decides on policy amid recession fears. Yen traders lock gaze on BoJ for hike signals. SNB seen cutting interest rates by another 25bps. BoE to stand pat after February’s dovish cut.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.