- USD/JPY consolidates with technical indicators suggesting a range-bound movement between 160.00 and 162.00.
- Potential Japanese intervention in FX markets looms, deterring aggressive buyers.
- A break above 161.00 could target YTD high of 161.95, while support lies at 160.22, with further downside risks to 158.25.
The USD/JPY consolidates below the psychological 161.00 figure as US Treasury bond yields edge lower and the Greenback weakens. The traders focus on Fed Chair Jerome Powell's semi-annual testimony at the US Congress and the release of US inflation figures. The major trades at 160.79, virtually unchanged.
USD/JPY Price Analysis: Technical outlook
The USD/JPY daily chart is set to continue to trend higher from a price action standpoint, but fears of intervention by Japanese authorities in the FX markets might dent buyers from pushing the exchange rate higher.
Momentum suggests the pair would consolidate within the 160.00-162.00 range, as the Relative Strength Index (RSI) remains flat in bullish territory.
If USD/JPY buyers reclaim 161.00, that could exacerbate an upward move toward the year-to-date (YTD) high of 161.95. Further gains are seen above 162.00, at around the November 1986 high of 164.87.
Conversely, if the major slumps below the April 29 high at 160.22, the next support would be the Senkou Span A at 159.68. A breach of the latter and the pair will test the Kijun-Sen at 158.25, ahead of the Senkou Span B at 156.91.
USD/JPY Price Action – Daily Chart
Japanese Yen PRICE Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.00% | -0.01% | -0.03% | -0.01% | -0.04% | -0.04% | -0.02% | |
| EUR | 0.00% | -0.04% | -0.02% | -0.02% | -0.03% | -0.01% | -0.02% | |
| GBP | 0.01% | 0.04% | 0.02% | 0.02% | 0.02% | 0.02% | 0.01% | |
| JPY | 0.03% | 0.02% | -0.02% | 0.02% | -0.02% | -0.03% | 0.02% | |
| CAD | 0.01% | 0.02% | -0.02% | -0.02% | -0.04% | -0.01% | -0.02% | |
| AUD | 0.04% | 0.03% | -0.02% | 0.02% | 0.04% | -0.02% | -0.01% | |
| NZD | 0.04% | 0.01% | -0.02% | 0.03% | 0.01% | 0.02% | 0.02% | |
| CHF | 0.02% | 0.02% | -0.01% | -0.02% | 0.02% | 0.00% | -0.02% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
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
AUD/USD mildly down ahead of US inflation data
The AUD/USD saw some losses on Monday against the USD, which still remains weak after last week's data, which fueled dovish expectations for the Federal Reserve. With the pair maintaining its highest level since early January, the upside for the Aussie is limited by strong data reported last week.
EUR/USD trims gains and snaps seven-day win streak ahead of Fed policy update
EUR/USD stumbled on Monday after a muddled election outcome in France leaves policy guidance unclear for the Euro bloc. A coalition minority government win in France kept a financially-disastrous far right party out of the leadership race after a strong upset in earlier European Parliamentary elections.
Gold price plummets as US yields drop and China stops bullion buying
The Gold price made a U-turn on Monday, trimming some of last Friday's gains and tanking more than 1% as risk appetite returned. US equities posted gains, while US Treasury bond yields edged lower. The XAU/USD trades around $2,358 after hitting a daily high of $2,391.
Here's what's happened in Solana today
Solana kicked off the new week with a lot of action on Monday after Cboe filed VanEck and 21Shares' Solana ETF application. Meanwhile, SOL surpassed Ethereum and Arbitrum in 24-hour decentralized exchange volume due to increased trading on the Raydium protocol.
Euro and Pound do good job absorbing political risk
A political gridlock in France and strong reassurances from the incoming UK government seem to have been enough to keep the Euro and Pound supported into this latest rally. Currencies have been better bid across the board, mostly on the back of a fresh wave of US Dollar selling.