Market news
28.09.2023, 03:51

USD/JPY Price Analysis: Pullbacks from 11-month high near 149.50

  • USD/JPY retreats with a positive bias, holding grounds below 149.50.
  • Momentum indicators point toward a prevailing bullish sentiment in the market.
  • The psychological level at 150.00 could emerge as a key resistance, following October’s high.

USD/JPY retreats with a positive bias from the highs since November, trading lower around 149.40 during the Asian session on Thursday. The pair is under pressure due to market caution about the US Federal Reserve’s (Fed) interest rate trajectory, coupled with higher US Treasury yields and economic data.

However, Japanese Finance Minister Shunichi Suzuki reaffirmed on Thursday that he is open to taking any necessary measures to address excessive foreign exchange (FX) market volatility. Suzuki also emphasizes that currencies move in a stable manner. The policymaker is closely watching FX moves with a sense of urgency, although declined to comment on any plans for a rate check.

The current upward momentum in USD/JPY appears to have a potential bullish bias, given that the 14-day Relative Strength Index (RSI) remains above the 50 level. However, there is a psychological resistance level at 150.00 that may pose a challenge for further gains.

If there's a strong breakthrough above the level, it could serve as an encouragement for USD/JPY bulls to explore higher levels, potentially targeting the area around the October high at 151.94.

On the flip side, the USD/JPY pair may encounter significant support levels in its price movement. The first notable support level could be around the 14-day Exponential Moving Average (EMA) at 148.27. Below that, there is the psychological support level at 148.00, which often holds significance in market dynamics.

If the pair breaks below the latter, it may then navigate towards the region around the psychological support level at 147.00, followed by the 23.6% Fibonacci retracement at 146.76.

The Moving Average Convergence Divergence (MACD) indicator is providing a bullish signal for the USD/JPY pair. The MACD line is positioned above both the centerline and the signal line. This configuration suggests that there is potentially strong momentum in the USD/JPY's price movement, indicating a prevailing bullish sentiment in the market.

USD/JPY: Daily Chart


© 2000-2023. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at

Live Chat E-mail
Choose your language / location