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01.03.2024, 20:22

USD/JPY Price Analysis: Rebounds to 150.00 amid dovish BoJ remarks

  • USD/JPY bounces back to 150.12, recovering after BoJ Governor's dovish comments trigger USD rally.
  • Technical analysis suggests potential for further gains, with eyes on surpassing February highs.
  • Key support and resistance levels outlined, with a close eye on 150.00 as a pivotal point for direction.

The USD/JPY stages a recovery after diving to a two-week low of 149.21, climbing above the 150.00 figure on Friday amidst dovish comments by the Bank of Japan (BoJ) Governor Kazuo Ueda during the Asian session. That favored the Greenback, which paired Thursday’s losses, and currently stands at 150.12, up by a modest 0.10%.

USD/JPY Price Analysis: Technical outlook

From a technical perspective, the USD/JPY resumed its uptrend, clearing the Tenkan-sen at 150.02, with buyers eyeing further gains past that level. The next cycle high would be the February 28 high at 150.85, before reaching 151.00. Upside risks emerge once surpassed, with the next supply zone seen at last year’s high of 151.91.

Conversely, if sellers achieve a daily close below 150.00, the next support emerges at the confluence of the February 29 low and Senkou span A at 149.21 before challenging 149.00. The Kijun-sen lies beneath that area, at 148.39.

USD/JPY Price Action – Daily Chart


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