USD/JPY Price Analysis: Pair consolidates below 146.00 on hawkish BoJ concerns

• USD/JPY trades sideways around 145.80 on JGB yields.
• The 146.00 level emerges as the barrier, following the monthly high.
• USD/JPY could face immediate support around nine-day EMA.

USD/JPY trades lower around 145.80 during the early trading hours of the European session on Monday, consolidating after Japanese Government Bond  (JGB) yields reached the highest level since 2014. Investors are cautious about the hawkish Bank of Japan (BoJ) monetary policy. The 146.00 psychological level could act as the minor resistance, following the area around the monthly high at 146.56.

The Moving Average Convergence Divergence (MACD) line suggests bullish sentiment of USD/JPY buyers as it stays in the positive territory of the centerline and shows divergence above the signal line. The 14-day Relative Strength Index (RSI) remains above 50, which confirms a bullish bias in the pair.

On the downside, the USD/JPY pair could face immediate support around the nine-day Exponential Moving Average (EMA) at 145.35. A firm break below that level could help the sellers to navigate the region around the 14-day Simple Moving Average (SMA) at 144.60, followed by the 23.6% Fibonacci retracement at 144.36.

USD/JPY: Daily Chart