USD/JPY Price Analysis: Bulls clear 157.00, eyeing 158.00

June 10, 2024 9:29 pm

  • USD/JPY trades at 157.03, up 0.16%, driven by robust US employment figures.
  • Technical outlook shows bullish momentum with potential gains towards 158.00 and beyond.
  • Key support levels lie around 155.69/52 and 50-DMA at 155.11 if the pair dips below 156.00.

The USD/JPY jumped above the 157.00 figure on Monday, following last week’s stronger-than-expected employment data. Estimates that May’s inflation would likely remain high, with data pending to be released on Wednesday, ahead of the Federal Reserve’s monetary policy decision, drive the Greenback higher. The pair trades at 157.03, up 0.16%.

USD/JPY Price Analysis: Technical outlook

From a daily chart perspective, the USD/JPY remains consolidated with a slight upward tilt. The pair has climbed above the Ichimoku Cloud (Kumo), signaling buyers’ strength. Momentum has turned bullish, but the pair may experience increased volatility due to potential intervention by Japanese authorities.

Should the USD/JPY clear the 157.00 figure, further gains lie ahead. Once cleared, the next stop would be 158.00. Further strength might see the pair reaching the April 26 high of 158.44 and then the year-to-date (YTD) high of 160.32.

Conversely, if the USD/JPY falls below 156.00, the first support level would be at the Senkou Span A and B confluence around 155.69/52, followed by the 50-day moving average (DMA) at 155.11. A breach of this level would expose the bottom of the Ichimoku Cloud (Kumo) around 153.40/50.

USD/JPY Price Action – Daily Chart

Feed from

MoneyMaker FX EA Trading Robot