Fundamental Analysis
The Japanese Yen (JPY) continued to weaken against the US Dollar (USD), pushing the USD/JPY pair above the psychological 150.00 level in late US trading on Friday. Japanese government bond (JGB) yields fell after Prime Minister Shigeru Ishiba’s government cut its fiscal 2025 budget plan.
However, any meaningful depreciation in the JPY appears to be far off after the Bank of Japan (BoJ) increasingly accepted that it would continue to raise interest rates this year.
Furthermore, USD bulls may refrain from placing aggressive bets and opt to wait for the release of the US Personal Consumption Expenditures (PCE) Price Index for clues on the Federal Reserve’s rate-cutting path.
Technical Analysis
USDJPY is heading towards the technical resistance level of 151.200 where sellers are waiting quite a bit. When sellers in this 151,200 price zone cannot push below 150,100, the uptrend will continue to be maintained to the weekly target around 152,200. Note that the weekly support zone of 149,400, if broken, will form a long-term downtrend chain of this currency pair.
The Japanese Yen (JPY) continued to weaken against the US Dollar (USD), pushing the USD/JPY pair above the psychological 150.00 level in late US trading on Friday. Japanese government bond (JGB) yields fell after Prime Minister Shigeru Ishiba’s government cut its fiscal 2025 budget plan.
However, any meaningful depreciation in the JPY appears to be far off after the Bank of Japan (BoJ) increasingly accepted that it would continue to raise interest rates this year.
Furthermore, USD bulls may refrain from placing aggressive bets and opt to wait for the release of the US Personal Consumption Expenditures (PCE) Price Index for clues on the Federal Reserve’s rate-cutting path.
Technical Analysis
USDJPY is heading towards the technical resistance level of 151.200 where sellers are waiting quite a bit. When sellers in this 151,200 price zone cannot push below 150,100, the uptrend will continue to be maintained to the weekly target around 152,200. Note that the weekly support zone of 149,400, if broken, will form a long-term downtrend chain of this currency pair.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.