- The USD/JPY pair is heading towards a positive close for the week, but is still below key resistances, which maintains the downtrend.
- Resistance challenges include the Kijun-Sen at 144.40 and the Ichimoku Cloud; the 50-DMA approaching a bearish cross of the 100- and 200-DMA.
- Buyer momentum is increasing as the RSI rises, although it still remains below the critical 60 level needed to reverse the downtrend.
- Potential upside targets include 145.00 and the September 3 high at 147.21; a decline below 143.00 could test support at 142.04 (Tenkan-Sen).
USD/JPY has been up for two days in a row, but is still far from breaking out of the 144.00 level decisively, despite hitting a weekly high of 144.49. At the time of writing, the pair was trading at 143.96, up 0.93%.
USD/JPY Price Forecast: Technical Outlook
The pair is set to end the week higher, but the downtrend continues. USD/JPY failed to reclaim the Kijun-Sen at 144.46, with price action holding below the Ichimoku Cloud (Kumo).
In fact, this trend could accelerate when the 50-day moving average (DMA) crosses below the 100- and 200-day moving averages, with the former closing the gap between the latter.
Momentum favors buyers as the Relative Strength Index (RSI) is trending higher. However, it is still far from testing the 60 level, which is typically considered a key turning point to reverse the ongoing USD/JPY downtrend.
In the low term, USD/JPY could continue its gains with the first resistance being the Kijun-Sen at 144.40. A break of this latter level would expose the 145.00 level, followed by the September 3 high at 147.21 and then the 50-DMA at 147.56.
Conversely, if the USD/JPY cuts losses above the 143.00 level, the next support will be the Tenkan-Sen at 142.04.
USD/JPY Price Action – Daily Chart
Japanese Yen Exchange Rate Today
The table below shows the percentage change in the Japanese Yen (JPY) against the major currencies traded today. The Japanese Yen was strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.02% | -0.23% | 0.95% | 0.07% | 0.13% | -0.02% | 0.31% | |
| EUR | -0.02% | -0.26% | 0.95% | 0.03% | 0.10% | -0.03% | 0.29% | |
| GBP | 0.23% | 0.26% | 1.21% | 0.31% | 0.38% | 0.24% | 0.58% | |
| JPY | -0.95% | -0.95% | -1.21% | -0.86% | -0.82% | -0.96% | -0.61% | |
| BOOR | -0.07% | -0.03% | -0.31% | 0.86% | 0.05% | -0.08% | 0.26% | |
| AUD | -0.13% | -0.10% | -0.38% | 0.82% | -0.05% | -0.12% | 0.22% | |
| NZD | 0.02% | 0.03% | -0.24% | 0.96% | 0.08% | 0.12% | 0.34% | |
| CHF | -0.31% | -0.29% | -0.58% | 0.61% | -0.26% | -0.22% | -0.34% |
The heat map shows the percentage changes of the major currencies relative to each other. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you select the 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).
