USD/JPY trades at 148.17 after hitting a low of 147.55, supported by buyers returning above the 148.00 level.
Technical outlook suggests upside potential with resistance at 149.14, followed by 149.39 and 150.00.
A drop below the Ichimoku Cloud at 146.60-80 could signal further downside for the pair.
The USD/JPY remains virtually unchanged after dropping to a two-day low of 147.55 amid hopes of a ceasefire between Hezbollah and Israel, as stated by Hezbollah’s prominent leader, according to CNN. At the time of writing, the pair trades at 148.17, flat.
USD/JPY Price Forecast: Technical outlook
Although the USD/JPY paused its uptrend, the pair resumed its advance.
The pair hit a weekly low of 147.34, but buyers moving in pushed the exchange rate above the 148.00 psychological figure, opening the door for further upside.
The Relative Strength Index (RSI) shows bulls in charge, even though it shows momentum paused.
For USD/JPY buyers to resume the uptrend, the first resistance will be the October 7 high at 149.14. A breach of the latter will expose the August 15 high of 149.39, followed by the 150.00 figure. Once those areas are surpassed, buyers will eye the 200-day moving average (DMA) at 151.13.
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