USD/JPY Price Analysis: Eyes 155.00 after brief dip below 152.00
07.05.2024, 20:05

USD/JPY Price Analysis: Eyes 155.00 after brief dip below 152.00

  • USD/JPY up over 0.40%, recovering from 153.86 low amid US equity market surge.
  • Technical strength as pair surpasses May 3 high of 153.80, indicating further upside potential.
  • Continued momentum may test 155.00 resistance; falling below 154.00 could reverse gains.

The USD/JPY climbs late in the North American session, up by more than 0.40%, exchanging hands at 154.66 after bouncing off daily lows of 153.86.  A risk-on impulse sent US equities rallying amid renewed speculations that the US Federal Reserve could cut rates twice in the year, with the first one expected in September.

USD/JPY Price Analysis: Technical outlook

The USD/JPY remains neutral to upward bias following two suspected Bank of Japan (BoJ) interventions. That dragged the pair from around 160.00 toward 151.86 in a matter of five days before bouncing off a 50-day moving average (DMA) during a trading session that formed a ‘hammer.’

That said, the pair has breached the May 3 high of 153.80, which exacerbated a rally past the 154.50 area, opening the door for further gains.

If buyers regain the 155.00 figure, key resistance levels emerge, with the Kijun and Tenkan-Sen at 155.52 and 156.04, respectively. If those levels are cleared, the next resistance would be the May 1 high at 157.98.

On the other hand, if USD/JPY slips below 154.00, that could trigger a reversal, and send the pair toward the Senkou Span B at 153.35, followed by the 50-DMA at 152.07.

USD/JPY Price Action – Daily Chart

USD/JPY

Overview
Today last price 154.64
Today Daily Change 0.73
Today Daily Change % 0.47
Today daily open 153.91
 
Trends
Daily SMA20 154.63
Daily SMA50 151.99
Daily SMA100 149.32
Daily SMA200 148.48
 
Levels
Previous Daily High 154.01
Previous Daily Low 152.8
Previous Weekly High 160.32
Previous Weekly Low 151.86
Previous Monthly High 160.32
Previous Monthly Low 150.81
Daily Fibonacci 38.2% 153.55
Daily Fibonacci 61.8% 153.26
Daily Pivot Point S1 153.14
Daily Pivot Point S2 152.37
Daily Pivot Point S3 151.93
Daily Pivot Point R1 154.35
Daily Pivot Point R2 154.78
Daily Pivot Point R3 155.55

 

 

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