- USD/JPY rises modestly despite falling US Treasury yields
- Technical Outlook: Buyers in control, targeting 157.00 and potentially April high of 158.44.
- Downside risks are seen below 156.00, followed by 155.72 and additional targets at 154.00 and 153.35/40.
USD/JPY regained some ground during the North American session, although virtually unchanged, rising just 0.08%, weighed down by falling US Treasury yields. US) show that inflation is declining, although the Federal Reserve remains skeptical that the battle against high prices is over. The pair is trading at 156.87 at the time of writing.
USD/JPY Price Analysis: Technical Perspective
From a technical point of view, USD/JPY is rising steadily, with buyers staying in control, as shown by the RSI. Momentum shows that the bulls are losing strength, although the RSI remains bullish.
If USD/JPY breaks 157.00, that could pave the way for more gains, with buyers targeting the April 26 high of 158.44. Further upside potential is seen above 159.00, such as the yearly high of 160.32.
Conversely, if USD/JPY falls below the Tenkan-Sen at 156.0, the next target would be the June 12 low of 155.72. A break of the latter and the pair could fall towards 154.00, before testing the Ichimoku (Kumo) cloud low of 153.35/40.
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.
