USD/JPY Price Analysis: Approaches Japan's trigger for intervention inside monthly rising wedge

USD/JPY grinds higher around the levels that pushed BOJ towards market intervention.
Bearish chart pattern, nearly overbought RSI could test further moves.
10-DMA adds strength to the 144.80 support confluence, May 1990’s low lures bulls.

Anil Panchal FXStreet

USD/JPY remains sidelined as traders turn cautious around the 145.90 level that previously push the Bank of Japan (BOJ) towards market intervention. That said, the yen pair retreats to 145.65 by the press time of Tuesday’s Asian session.

In addition to the market’s anxiety, nearly overbought RSI conditions and the bearish MACD signals could also be linked to the quote’s latest pullback.

As a result, a one-month-old rising wedge bearish chart pattern gains the market’s attention.

However, the 10-DMA strengthens the 144.80 support and challenges the bears. On the same side is an upward-sloping support line from early August, around 140.00.

Hence, the USD/JPY buyers remain hopeful unless the quote stays past the 140.00 threshold, even if a short-term pullback can be witnessed on the break of 144.80.

On the contrary, the latest high surrounding 145.90 and the upper line of the stated wedge, close to 146.90 at the latest, could challenge the USD/JPY bulls before directing them to the May 1990’s low near 148.90.

USD/JPY: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	145.72
Today Daily Change	0.02
Today Daily Change %	0.01%
Today daily open	145.7

Trends
Daily SMA20	144.15
Daily SMA50	140.04
Daily SMA100	137.19
Daily SMA200	128.87

Levels
Previous Daily High	145.8
Previous Daily Low	145.24
Previous Weekly High	145.44
Previous Weekly Low	143.53
Previous Monthly High	145.9
Previous Monthly Low	138.78
Daily Fibonacci 38.2%	145.59
Daily Fibonacci 61.8%	145.45
Daily Pivot Point S1	145.36
Daily Pivot Point S2	145.01
Daily Pivot Point S3	144.79
Daily Pivot Point R1	145.92
Daily Pivot Point R2	146.15
Daily Pivot Point R3	146.49

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.