Downside break below 144.00 targets 143.44 (August 26 low), with potential to test monthly low at 141.69.
The USD/JPY registered modest gains during the North American session on Thursday of over 0.27%. During the trading day, the pair retreated to a daily low of 144.22 but bounced off and ended the session near the 145.00 figure. At the time of writing, the major trades at 144.97 were virtually flat as Friday’s Asian session began.
USD/JPY Price Forecast: Technical outlook
From a technical perspective, the pair is downward biased despite registering a leg-up. Once the USD/JPY slid below the Ichimoku cloud and the 200-day moving average (DMA), it opened the door to posting a multi-month low of 141.69. Since then, the major enjoyed an uptick but failed to gain traction to clear the 150.00 figure.
The Relative Strength Index (RSI) shows sellers are in charge, although buyers enjoy a short-term leg-up.
If USD/JPY decisively clears 145.00, this could pave the way for further upside. Once it moves up, the first resistance would be the Tenkan-Sen at 145.39, followed by the 146.00 figure. Up next would be the Senkou Span A at 146.92, ahead of testing the Kijun-Sen at 148.45.
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