USD/JPY Price Analysis: Hovers around 147.70 with the bullish sentiment

USD/JPY could improve towards the psychological resistance at the 148.00 level.
Technical indicators suggest a bullish momentum to revisit January’s high at 148.80.
A break below the 147.00 level could lead the pair to reach the 14-day EMA and 23.6% Fibonacci retracement level.

Akhtar Faruqui FXStreet

USD/JPY grapples to inch higher for the second consecutive session, trading near the 147.70 level during the European hours on Friday. The USD/JPY receives upward support as the Tokyo Consumer Price Index (CPI) in Japan's national capital decelerated below the Bank of Japan's (BoJ) 2.0% target for the first time in nearly two years.

The technical analysis of the Moving Average Convergence Divergence (MACD) for the USD/JPY pair suggests a confirmation of a prevailing bullish sentiment in the market with the MACD line positioning above the centreline and showing a divergence above the signal line.

The USD/JPY pair could find a barrier at the psychological level at 148.00. A firm breakthrough above the psychological resistance level could support the pair to approach the major level at 148.50 followed by the weekly high at 148.69 and January’s high at 148.80.

The lagging indicator 14-day Relative Strength Index (RSI) residing above the 50 level indicates bullish momentum, which can support the USD/JPY pair to navigate the resistance area around the psychological level at 149.00.

On the downside, the immediate support could be at the major level at 147.50 following the psychological level at 147.00. A collapse below the psychological support level could push the USD/JPY pair to test support zone around the 14-day Exponential Moving Average (EMA) at 146.90 and 23.6% Fibonacci retracement level at 146.78.

USD/JPY: Daily Chart

USD/JPY: other technical levels

Overview
Today last price	147.68
Today Daily Change	-0.04
Today Daily Change %	-0.03
Today daily open	147.72

Trends
Daily SMA20	145.53
Daily SMA50	145.54
Daily SMA100	147.48
Daily SMA200	144.26

Levels
Previous Daily High	147.95
Previous Daily Low	147.08
Previous Weekly High	148.81
Previous Weekly Low	144.87
Previous Monthly High	148.35
Previous Monthly Low	140.25
Daily Fibonacci 38.2%	147.62
Daily Fibonacci 61.8%	147.41
Daily Pivot Point S1	147.22
Daily Pivot Point S2	146.72
Daily Pivot Point S3	146.36
Daily Pivot Point R1	148.09
Daily Pivot Point R2	148.45
Daily Pivot Point R3	148.95

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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