Wednesday, October 4, 2023
HomeUncategorizedUSD/JPY Price Analysis: 24-year highs trading above 140.00, focus on August 1998...

USD/JPY Price Analysis: 24-year highs trading above 140.00, focus on August 1998 high

  • USD/JPY extended its gains this week, gaining nearly 2%.
  • The main resistance will be 141.00 which, once cleared, will pave the way towards 147.67.

Stimulated by risk aversion and higher, USD/USD The yen rose to a fresh 24-year high U.S. Treasury yields on Thursday, fueled by higher expectations that the Federal Reserve will further tighten monetary conditions. Consequently, USD/JPY was up 0.90% to trade at 140.20.

USD/JPY Price Analysis: Technical Outlook

The daily chart of USD/JPY shows a strong uptrend, which started in March 2022. On its first leg up, it was mostly up to the 130.00 area before pulling back to 128.00 before the most notable move towards the 139.39 year-to-date high on July 14th. Notably, the negative divergence between the two was the opposite of price action, with the Relative Strength Index (RSI) recording a series of lower highs, triggering a pullback towards the Aug. 2 swing low of 130.39​​.

At the time of writing, USD/JPY broke the 140.00 mark and closed around 140.19 on Thursday. The Relative Strength Index (RSI) is on the verge of reaching overbought conditions, but it should be noted that when the RSI hit 71.20, the major indexes pulled back.

The next resistance level for USD/JPY will be the psychological level of 141.00. Once cleared, USD/JPY’s next stop would be the August 1998 high of 147.67.

) USD/JPY key techinque level

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