The USD/JPY pair has maintained its uptrend, currently trading at 155.66 after hitting a daily low of 155.25. Technical analysis suggests further gains, with resistance levels at 156.05, 157.00, and the year-to-date high at 160.32. Key support levels include 155.18, 155.00, and the low of 153.60 from May 16 if the price drops below 155.69.
Despite the threat of Japanese authority intervention, the USD/JPY uptrend remains intact as long as it stays above the Ichimoku Cloud and the uptrend trendline drawn from January 2024 lows. The Relative Strength Index (RSI) is also favoring buyers, standing above the 50-midline with room to spare before reaching overbought territory. The path of least resistance is upwards, with initial resistance at 156.05, followed by 157.00, 158.44, and the year-to-date high of 160.32.
If the pair drops below 155.69, it could test lower support levels including 155.18, 155.00, and the low of 153.60 from May 16, followed by 153.06. The table below shows the percentage change of the Japanese Yen against major currencies, with the Yen being strongest against the Swiss Franc. The heat map displays the percentage changes of major currencies against each other.
In conclusion, the USD/JPY pair is currently in an uptrend, with technical analysis suggesting further gains. Resistance levels to watch out for include 156.05, 157.00, and the year-to-date high of 160.32. Key support levels are at 155.18, 155.00, and the low of 153.60 from May 16. Traders should be aware of potential Japanese authority intervention threats but with the RSI favoring buyers, the path of least resistance is upwards. Further analysis of currency fluctuations against other major currencies shows that the Japanese Yen is currently strongest against the Swiss Franc.
