USD/JPY PRICE FORECAST: CLIMBS AMID STRONG US DOLLAR, EYES 145.00
- USD/JPY rises 0.50%, crossing 144.00; downtrend persists with limited momentum for further gains.
- Key resistance at 145.00 crucial for bullish continuation; next targets at 146.39 (Tenkan-Sen), 146.48, and 148.84 (Kijun-Sen).
- If 145.00 isn't breached, may retest 144.00 with supports at 143.44 (August 26 low) and 141.69 (August 5 low).
The USD/JPY reverses its course and registers decent gains of over 0.50% on Wednesday as the Greenback gains some steam, yet it remains vulnerable to the release of crucial data over the remainder of the week. The pair trades at 144.73 after bouncing off daily lows of 143.68.
USD/JPY Price Forecast: Technical outlook
The USD/JPY downtrend remains intact, yet buyers stepped in and pushed the exchange rate above 144.00, with buyers unable to crack the 145.00 figure decisively. Momentum suggests that sellers had lost some steam as the Relative Strength Index (RSI) aims up, but they remain in charge.
For a bullish continuation, USD/JPY buyers must reclaim 145.00. Once surpassed, the Tenkan Sen at 146.39 would be next, followed by the March 11 daily low-turned resistance at 146.48 and the Kijun-Sen at 148.84.
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