USD/JPY Price Analysis: Surges past 137.00, with buyers eyeing a new YTD high around 138.00

• USD/JPY continues to portray the Yen’s weakness, following the BoJ’s decision to keep its loose monetary policy.
• USD/JPY Price Analysis: The uptrend remains intact, above 137.00, with bulls eyeing 138.00.

The USD/JPY extends its gains in the New York session, rising above 137.00 on overall Japanese Yen (JPY) weakness after last week’s Bank of Japan’s (BoJ) decision to stick to its easy monetary policy. Therefore, the USD/JPY is trading at 137.42 after hitting a daily low of 136.11.

USD/JPY Price Action

From a daily chart perspective, the USD/JPY continues to trend up after last Friday’s price action witnessed more than 1.70% gains. As the pair edged higher, it broke several resistance levels, like the 20 and 100-day EMAs, each at 134.14 and 134.12, respectively. Additionally, the USD/JPY left behind the 200-day EMA at 133.79, cheered by buyers, who remain hopeful of lifting prices towards the last year’s high at 151.94.

If USD/JPY reclaims the November 30 cycle high at 138.17, that would expose the November 21 daily high at 142.25. A breach of the latter will expose the 145.00 figure.

Conversely, if USD/JPY drops below 137.00, it could pave the way for a downward correction. Once cleared, the USD/JPY following support would be the April 28 high at 136.56. Downside risks will emerge below the latter, and it might extend towards the April 19 swing high at 135.13, followed by the 20-day EMAat 134.14, closely followed by the 100-day EMA.

USD/JPY Daily Chart