USD/JPY Price Forecast: Testing Key Technical Levels

The USD/JPY pair is currently trading near the 151.00 level, influenced by rising US Treasury yields but facing resistance from the Ichimoku Cloud’s upper boundary. Bullish momentum persists, as indicated by the RSI hitting a new high, suggesting potential upside towards the 200-day moving average (DMA) at 151.36 and beyond.

If the pair breaks above 151.00, it could test the 200-DMA and potentially the July 25 swing low turned resistance at 151.93. However, it’s important to note that the Ichimoku Cloud’s upper boundary, along with the 200-DMA, could pose significant resistance levels.

Conversely, a move below 151.00 could find support at the Tenkan-Sen and the October 21 low. However, if the bearish momentum intensifies, the pair could potentially face further downside pressure, potentially targeting the Senkou Span A and Senkou Span B lines of the Ichimoku Cloud.

Overall, the USD/JPY pair is in a bullish uptrend, but it’s essential to monitor the key technical levels and potential resistance zones to assess the likelihood of further upside or a potential reversal.