- USD/JPY rises 0.38% after bouncing off the daily low of 155.49.
- Favorable technical outlook for buyers; key resistance at 156.76 with potential to reach 157.99 and yearly high of 160.32.
- In a bearish scenario, support could be at 153.61, 153.25 and the Ichimoku cloud high at 151.94.
The US Dollar gains ground against the Japanese Yen (JPY) and rises 0.38% amid an optimistic market. US Treasury yields are advancing, particularly the 10-year Treasury yield, which is positively correlated with the USD/JPY pair. Therefore, the pair is trading at 156.25 after reaching a daily low of 155.49.
USD/JPY Price Analysis: Technical Outlook
The USD/JPY daily chart shows that the pair remains tilted higher, although it is far from testing the latest cycle high. However, the RSI shows that the momentum favors buyers, which could open the door to further gains.
For a bullish continuation, USD/JPY must surpass the May 14 high at 156.76. Once this is done, buyers must break through the May-to-date high of 157.99. A break of the latter could expose the yearly high of 160.32.
Conversely, if the bears intervened and dragged prices below the Senkou Span A at 156.25, this could lead to a pullback towards the May 16 low at 153.61. Next support is at Senkou Span B at 153.25 before declining towards the top of the Ichimoku cloud around 151.94.
USD/JPY Price Action – Daily Chart
PRICE OF THE JAPANESE YEN TODAY
The following table shows the percentage change of the Japanese Yen (JPY) against the main currencies listed today. The Japanese yen appreciated against the New Zealand dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.07% | -0.04% | 0.42% | 0.04% | 0.38% | 0.42% | 0.12% | |
| EUR | -0.07% | -0.14% | 0.39% | -0.02% | 0.34% | 0.38% | 0.05% | |
| GBP | 0.04% | 0.14% | 0.40% | 0.12% | 0.48% | 0.51% | 0.19% | |
| JPY | -0.42% | -0.39% | -0.40% | -0.39% | -0.03% | 0.06% | -0.29% | |
| CAD | -0.04% | 0.02% | -0.12% | 0.39% | 0.29% | 0.40% | 0.07% | |
| AUD | -0.38% | -0.34% | -0.48% | 0.03% | -0.29% | 0.03% | -0.29% | |
| NZD | -0.42% | -0.38% | -0.51% | -0.06% | -0.40% | -0.03% | -0.33% | |
| CHF | -0.12% | -0.05% | -0.19% | 0.29% | -0.07% | 0.29% | 0.33% |
The heat map shows the percentage changes of the major currencies against each other. The base currency is chosen in the left column, while the quote currency is chosen in the top row. For example, if you choose the Japanese Yen in the left column and move down the horizontal line to the US Dollar, the percentage change that appears in the box will represent JPY (base)/USD (quote).
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.
