- USD/JPY reaches 150.30, gaining ground ahead of the key Fed meeting, maintaining an upward trajectory.
- Technical indicators highlight the bullish stance, with potential resistance near 151.00 amid intervention concerns.
- Support levels at 149.91 and 149.15 to be tested if there is a pullback below 150.00, a sign of possible changes.
The rise of USD/JPY above 150.00 it extended its gains before the publication of the minutes of the last meeting of the Federal Reserve (Fed). At the time of writing, the pair is trading at 150.30, up 0.20%.
The daily chart shows the pair in an uptrend, with signals above the Ichimoku (Kumo) cloud and above the Tenkan and Kijun-Sen. This, along with Relative Strength Index (RSI) studies in bullish territory, would suggest that USD/JPY could test the 151.00 figure and beyond, if not for threats from Japanese authorities to intervene in the markets. A break above 151.00 would expose last year's high at 151.91.
Conversely, if USD/JPY falls below 150.00, it would test the Tenkan-Sen at 149.91. Once overcome, the next support would be the Tenkan-Sen. Once overcome, the next support would be the Senkou Span A at 149.15, followed by the Kijun-Sen at 148.39.
USD/JPY Price Action – Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
