USD/JPY Price Forecast: Rallies above 150.00 on strong US Dollar
- USD/JPY trades at 150.21, extending its gains for a second consecutive day amid rising US bond yields.
- RSI signals growing bullish momentum, with the pair approaching key resistance at the top of the Ichimoku Cloud (Kumo).
- Next resistance levels include the 100-DMA at 150.85 and the 200-DMA at 151.32, with support at 150.00 and 149.00.
The USD/JPY climbs past the 150.00 figure on upbeat US Retail Sales and jobs data, gains over 0.38%, and trades at 150.21. The pair extended its gains for the second consecutive day, as US Treasury bond yields soared, due to investors trimming the odds for a Fed 25 basis points (bps) rate cut at the upcoming November meeting.
USD/JPY Price Forecast: Technical outlook
The USD/JPY continues its upward trajectory, and it is about to test the top of the Ichimoku Cloud (Kumo). Technical indicators suggest the major is on an uptrend, though a clear break above the Kumo is needed before the trend is confirmed.
The Relative Strength Index (RSI) cleared the last three peaks, hinting that buyers are gathering steam.
If USD/JPY resumes its bullish uptrend, buyers will face the 100-day moving average (DMA) at 150.85. Once surpassed, the next stop would be the confluence of the top of the Kumo and the 200-DMA at 151.32, ahead of extending those gains to 152.00.
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