USD/JPY Price Analysis: Contained around 148.70, as Japanese FX intervention looms

Despite an upbeat sentiment, USD/JPY is almost flat as rumors of Japanese intervention in the FX market loom.
The USD/JPY daily chart shows the pair as overbought as the RSI above 70 gives a respite to USD/JPY bulls.
Near-term, an ascending triangle in the hourly targets the USD/JPY will rise to 149.36-50.

Christian Borjon Valencia FXStreet

The USD/JPY extends its gains, for the ninth consecutive trading day, bolstered by renewed Bank of Japan (BoJ) dovish commentary during the last week, despite the Minister of Finance Suzuki and Japan’s PM Kishida’s efforts to propel the Japanese yen. At the time of writing, the USD/JPY is trading at 148.75, above its opening price by 0.01%.

USD/JPY Price Forecast

The USD/JPY printed a fresh 32-year high of 148.89, as the pair closes to the 150.00 figure, but fears of another FX intervention by Japanese authorities refrain traders from opening fresh longs on the USD/JPY. It should be noted that the daily chart depicts oscillators at overbought conditions, namely the Relative Strength Index (RSI), which at 76.74, is almost flat, giving a respite for USD/JPY shorts.

The USD/JPY one-hour chart delineates the pair in consolidation, hoovering around the 20-EMA, which, sitting below the exchange rates, suggests the pair is upwards. However, price action’s printing lower highs and higher lows signal that it could be forming an ascending triangle, which would pave the way for further gains.

A break above 148.89 will expose the 149.00 figure. Once cleared, the following resistance would be the R1 daily pivot and also the ascending-triangle measure objective at 149.36, immediately followed by 149.50 and the 150.00 figure.

USD/JPY Key Technical Levels

USD/JPY

Overview
Today last price	148.74
Today Daily Change	0.09
Today Daily Change %	0.06
Today daily open	148.65

Trends
Daily SMA20	144.88
Daily SMA50	141.11
Daily SMA100	137.99
Daily SMA200	129.49

Levels
Previous Daily High	148.86
Previous Daily Low	147.09
Previous Weekly High	148.86
Previous Weekly Low	145.24
Previous Monthly High	145.9
Previous Monthly Low	138.78
Daily Fibonacci 38.2%	148.19
Daily Fibonacci 61.8%	147.77
Daily Pivot Point S1	147.54
Daily Pivot Point S2	146.43
Daily Pivot Point S3	145.78
Daily Pivot Point R1	149.31
Daily Pivot Point R2	149.97
Daily Pivot Point R3	151.08

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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