USD/JPY PRICE FORECAST: CLIMBS BUT STAYS BELOW 147.50
- USD/JPY trades at 147.28, up 0.38%, still unable to clear 147.89 resistance.
- Bearish bias persists despite recovery from under 144.00 on dovish BoJ comments.
- A break above 148.00 targets 148.45 and 149.00; below 147.00 sees support at 145.44 and 144.28.
The USD/JPY rises for the third straight session. However, it remains within familiar levels, unable to decisively clear the August 7 daily high at 147.89, after solid US jobs data boosted the Greenback. At the time of writing, the pair trades at 147.28, up 0.38%
USD/JPY Price Forecast: Technical outlook
The USD/JPY is bearishly biased despite registering a recovery that saw the pair rally from under 144.00 to the current exchange rate after dovish comments by a Bank of Japan Deputy Governor.
Momentum remains bearish, even though the Relative Strength Index (RSI) exited from oversold territory, but its slope remains flat, hinting at a USD/JPY consolidation.
If the pair climbs past 148.00, the next resistance will be the Tenkan-Sen at 148.45. Prices could follow an upward path if they rise above 149.00, challenging the psychological 150.00 figure
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