USD/JPY Price Analysis: Breaks above the 143.60 resistance, as buyers eye 145.00 – by christianborjon USDJPY Currencies Majors Technical Analysis
licy decision, where the US central bank is awaited to lift rates above the 3% threshold. Therefore, the USD/JPY is trading at 144.31, above the opening price by 0.41%, at the time of writing.From a daily chart perspective, the USD/JPY remains upward biased, underpinned by the US 10-year Treasury bond yield movement. Worth noting that the Relative Strength Index got a respite after reaching the YTD high at 144.99.
Short term, the USD/JPY four-hour chart portrays the same scenario as the daily chart, upward biased. Once the USD/JPY hit the YTD high, it dived towards 141.50, September’s low, forming a base. Since then, the major began trading around the 141.50-144.90 area, but lately, stuck in the 142.60-143.60 range. However, during Wednesday’s session, the USD/JPY broke upward, opening the door for a test of the August 1998 high of 147.67.
Therefore, the USD/JPY’s first resistance would be the YTD high at 144.99. A break above will expose the R3 daily pivot at 145.09, followed by the 146.00 psychological level, ahead of August’s 1998 high at 147.67. On the flip side, the USD/JPY first support would be the R1 daily pivot at 144.12. A breach of the latter will expose the confluence of the daily pivot and the 20-EMA at 143.54, followed by the 50-EMA at 143.33, ahead of the S1 pivot at around 143.00.
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