- USD/JPY gains over 1%, trading at 143.69 after Fed Chair Powell suggests no rush to accelerate rate cuts.
- Despite recent gains, USD/JPY stays under key resistances like the 200-DMA and Ichimoku Cloud, maintaining a bearish outlook.
- Breaking above 144.00 could propel USD/JPY towards 145.00; a pullback to 143.46 and 143.39 is likely if resistances persist.
The USD/JPY climbed late in Monday’s North American session, gaining over 1%, and traded at 143.69 after the Federal Reserve Chair Jerome Powell crossed the newswires.
The Fed Chair said that goods and services inflation is broadly back to pre-pandemic levels, added that the job finding rate declined ‘very significantly,’ and said they don’t need to accelerate rate cuts.
USD/JPY Price Forecast: Technical outlook
The USD/JPY remains downward biased despite registering solid gains and climbing above the Tenkan-Sen and Kijun-Sen, each at 143.46 and 143.39, respectively. Nevertheless, price action remains below the 200-day moving average (DMA) and beneath the Ichimoku Cloud (Kumo), hinting that sellers are in charge.
The Relative Strength Index (RSI) hints that buyers are gathering some steam but will need to clear key resistance levels overhead.
If USD/JPY breaks above 144.00, the next ceiling level will be 145.00, followed by the 50-day moving average (DMA) at 145.92. The next stop would be the bottom of the Kumo at around 148.00-148.20.
Conversely, if USD/JPY remains below 144.00, look for a pullback to the Tenkan-Sen at 143.46. Immediately after this level lies the Kijun-Sen at 143.39, followed by the 143.00 figure.
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 Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.27% | -0.01% | 1.02% | 0.10% | -0.17% | -0.26% | 0.58% | |
| EUR | -0.27% | -0.26% | 0.77% | -0.14% | -0.37% | -0.49% | 0.40% | |
| GBP | 0.00% | 0.26% | 1.15% | 0.11% | -0.11% | -0.23% | 0.66% | |
| JPY | -1.02% | -0.77% | -1.15% | -0.87% | -1.25% | -1.23% | -0.39% | |
| CAD | -0.10% | 0.14% | -0.11% | 0.87% | -0.22% | -0.34% | 0.54% | |
| AUD | 0.17% | 0.37% | 0.11% | 1.25% | 0.22% | -0.12% | 0.77% | |
| NZD | 0.26% | 0.49% | 0.23% | 1.23% | 0.34% | 0.12% | 0.87% | |
| CHF | -0.58% | -0.40% | -0.66% | 0.39% | -0.54% | -0.77% | -0.87% |
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 stays bullish despite Powell hawkish tilt, Aussie PMI eyed
The Aussie Dollar ended September on a higher note, posting gains of over 0.22% against the Greenback, even though Federal Reserve Chairman Jerome Powell was slightly ‘hawkish’ in a speech. The AUD/USD trades around 0.6913 after bouncing off daily lows of 0.6894.
EUR/USD faces a tough barrier around 1.1200
EUR/USD faded the initial uptick to levels just above 1.1200 the figure on Monday, eventually surrendering those gains in response to the strong bounce in the US Dollar ahead of key US data releases later in the week.
Gold extends slide and pierces $2,630
Gold extends its downward correction to start the week and trades deep in negative territory near $2,630. Profit-taking ahead of the long Chinese holiday and the cautious market mood seems to be weighing on XAU/USD as markets await Fed Chairman Powell's speech.
Ethereum could decline to $2,395 if key support level fails to hold
Ethereum is down 2% on Monday, struggling around the $2,595 key support level after the ETH Foundation continued its selling spree. However, the slow price movement in the past few hours isn't reflective of the rising inflows across US spot Ethereum ETFs.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.