USD/JPY Price Analysis: Advances to near 146.60 amid a momentum shift

  • USD/JPY could approach the psychological resistance at 147.00.
  • Technical indicators suggest a momentum shift towards a downward trend.
  • A break below the 146.50 level could lead the pair to test the psychological level at 146.00.

USD/JPY snaps its two-day losing streak on the weaker US Dollar (USD), trading higher around 146.70 during the European session on Friday. The psychological level at 147.00 appears to be the immediate resistance.

A breakthrough above this resistance level could reinforce the pair’s strength to reach the nine-day Exponential Moving Average (EMA) at 147.12. In case the USD/JPY pair surpasses the nine-day EMA, it could attempt to approach the psychological resistance zone around the level of 148.00 followed by the weekly high at 148.33.

The technical analysis of the 14-day Relative Strength Index (RSI) for USD/JPY suggests a bullish momentum as it is positioned above the 50 level.

However, the lagging indicator of the Moving Average Convergence Divergence (MACD) signals a shift in market sentiment, with the MACD line positioned above the centerline but displaying a divergence below the signal line. Traders may choose to wait for MACD confirmation for a clearer direction before making aggressive bets on the USD/JPY pair.

On the downside, the pair could encounter major support at the 146.50 level, following the psychological support at 146.00. A decisive break below this level could exert downward pressure on the USD/JPY pair, potentially reaching the 38.2% Fibonacci retracement at 145.53, aligned with the major support at 145.50.

USD/JPY: Daily Chart


Today last price146.61
Today Daily Change0.28
Today Daily Change %0.19
Today daily open146.33
Daily SMA20146.78
Daily SMA50145.36
Daily SMA100147.48
Daily SMA200144.59
Previous Daily High147.22
Previous Daily Low145.9
Previous Weekly High148.7
Previous Weekly Low146.65
Previous Monthly High148.81
Previous Monthly Low140.81
Daily Fibonacci 38.2%146.4
Daily Fibonacci 61.8%146.72
Daily Pivot Point S1145.74
Daily Pivot Point S2145.16
Daily Pivot Point S3144.42
Daily Pivot Point R1147.07
Daily Pivot Point R2147.81
Daily Pivot Point R3148.39

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