The USD/JPY pair strengthened on Tuesday, rising by almost 0.25% as risk appetite deteriorated at the end of the session in New York, even though US President Donald Trump suggested de-escalation of the conflict. At the time of writing, the pair is trading at 158.07, which is approximately 80 pips above the opening price.
USD/JPY Price Forecast: Technical Outlook
The technical picture is slightly bearish as USD/JPY saw a shooting star candle on Monday. While Tuesday’s price action formed a bullish candle, it revealed that sellers pushed prices to a three-day low of 157.27, paving the way for further declines.
The relative strength index (RSI) shows that buyers are gathering strength and will soon reach the overbought area.
If USD/JPY resumes its uptrend, the first area of concern will be the March 9 high at 158.90. After crossing, the pair will enter the potential intervention zone of the Japanese authorities and the Bank of Japan around 159.00-160.00.
Conversely, if sellers step in and cause the USD/JPY rate to fall below 158.00, this opens the door for further declines. The next demand zone will be the March 5 low at 156.46, ahead of the 50-day basic moving average (SMA) at 156.20 and ahead of the 100-day SMA at 155.68.
USD/JPY Price Chart – Daily
Japanese yen price this week
The table below shows the percentage change in the Japanese Yen (JPY) against the major currencies traded this week. The Japanese yen was strongest against the US dollar.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.55% | -0.58% | 0.00% | -0.16% | -1.90% | -1.06% | -0.14% | |
| EUR | 0.55% | -0.05% | 0.55% | 0.37% | -1.37% | -0.54% | 0.40% | |
| GBP | 0.58% | 0.05% | 0.62% | 0.42% | -1.33% | -0.49% | 0.44% | |
| JPY | 0.00% | -0.55% | -0.62% | -0.13% | -1.87% | -1.05% | -0.10% | |
| BOOR | 0.16% | -0.37% | -0.42% | 0.13% | -1.75% | -0.91% | 0.02% | |
| AUD | 1.90% | 1.37% | 1.33% | 1.87% | 1.75% | 0.84% | 1.80% | |
| NZD | 1.06% | 0.54% | 0.49% | 1.05% | 0.91% | -0.84% | 0.94% | |
| CHF | 0.14% | -0.40% | -0.44% | 0.10% | -0.02% | -1.80% | -0.94% |
The heat map shows the percentage changes of the major currencies relative to each other. The base currency is selected from the left column and the quote currency from the top row. For example, if you select Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
