The USD/JPY has climbed to its highest level in 12 weeks, reaching 150.52 as rising US bond yields are fueling demand for the Dollar. The technical outlook for the pair remains bullish, with potential for further gains if it breaks through the resistance levels at 150.78 and heads toward the 200-day moving average at 151.34. However, a close below the support level of 150.00 could trigger a pullback, with key levels at 149.27 and the 50-day moving average at 145.55.
In the mid-North American session on Monday, the USD/JPY saw a 0.62% increase, reaching a 12-week peak of 150.52. This surge was driven by rising US Treasury bond yields as traders reduced expectations of aggressive easing by the Federal Reserve. At the current time, the pair is hovering around 150.50. The price forecast for USD/JPY remains positive, with momentum continuing to be bullish as indicated by the Relative Strength Index (RSI) reaching higher peaks.
If the USD/JPY manages to break through the confluence of the 100-day moving average and the top of the Ichimoku Cloud at 150.78, it could signal a move towards the 200-day moving average at 151.34. On the other hand, a close below 150.00 could lead to a pullback, with potential support levels at 149.27, 147.16, and eventually the 50-day moving average at 145.55. The daily chart reflects the bullish sentiment for the pair, with indicators pointing towards further upward movement.
Today, the Japanese Yen has shown strength against various major currencies, making it the strongest against the Australian Dollar. The percentage change of the Japanese Yen against the USD, EUR, GBP, CAD, AUD, NZD, and CHF is displayed in a table. The heat map demonstrates the percentage changes of major currencies against each other, with the Japanese Yen exhibiting strength against certain currencies. This information provides valuable insights into the current market trends.
In conclusion, the USD/JPY has reached a 12-week high at 150.52, driven by rising US bond yields and demand for the Dollar. The technical outlook remains positive, with potential for further gains if the pair breaks through resistance levels. However, a close below key support levels could trigger a pullback. Traders should closely monitor the price movements and key levels to make informed trading decisions.
