- USD/JPY advances towards 160.00 for the second time in 2024.
- Momentum favors buyers with a bullish RSI, but risks of downward pressure remain.
- Key resistance levels are 160.00, YTD high at 160.32, further gains at 160.50 and 161.00.
- Key support levels are the day's low at 158.75, Tenkan-Sen at 157.82, Senkou Span A at 157.53, and Kijun-Sen at 157.24.
The USD/JPY is flat but advanced steadily towards the 160.00 figure for the second time in 2024 and hit a two-month high of 159.93 before trimming some of earlier gains. The pair trades at 159.65, down some 0.10%, amid Japanese authority's verbal intervention.
USD/JPY Price Analysis: Technical outlook
The USD/JPY has managed to climb back above 159.00, even though traders were reluctant to re-test the Bank of Japan’s (BoJ) patience of intervening in the FX space to tame the Japanese Yen (JPY) depreciation.
Momentum favors buyers, with the Relatives Strength Index (RSI) remaining bullish, but downward risks remain. If the USD/JPY clears the psychological 160.00 mark, the next resistance would be the year-to-date (YTD) high of 160.32. Further gains are seen above 160.50 and at 161.00.
On the other hand, if USD/JPY drops below the day's low of 158.75, that could pave the way for testing key support levels. Up next would be the Tenkan-Sen at 157.82, followed by the Senkou Span A at 157.53, ahead of the Kijun-Sen at 157.24.
USD/JPY Price Action – Daily Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD retreats to 1.0700 area following post-PCE jump
After spiking to a daily high of 1.0720 with the immediate reaction to US PCE inflation data, EUR/USD lost its traction and declined to the 1.0700 area. Investors remain cautious ahead of this weekend's French election and make it difficult for the Euro to gather strength.
GBP/USD stays below 1.2650 after US inflation data
GBP/USD struggles to preserve its bullish momentum and trades below 1.2650 in the American session on Friday. Earlier in the day, the data from the US showed that the annual core PCE inflation declined to 2.6% in May, limiting the USD's upside and helping the pair hold its ground.
Gold keeps its daily gains near $2,330 following US PCE data
Gold prices maintain their constructive bias around $2,330 after US inflation readings gauged by the PCE matched consensus in May and US yields advance slightly across the curve.
BTC struggles around the $62,000 level
Bitcoin price faces pullback resistance at the lower band of the descending wedge around $62,000. Ethereum price finds support at $3,288, the 61.8% Fibonacci retracement level. Ripple price faces resistance at $0.500, its daily resistance level.
French Elections Preview: Euro to suffer after the calm, as specter of extremists, uncertainty rise Premium
The first round of French parliamentary elections is set to trigger high uncertainty. Soothing messages from the far right and far left leave the Euro vulnerable to falls. Calm may return only after the second round of voting on July 7.