tradingkey.logo

USD/JPY Price Forecast: Consolidates within the 148.00-149.50 range

FXStreetOct 12, 2024 12:48 AM
  • USD/JPY edges higher, trading within a range of 148.00-149.50 as US 10-year yields rise to 4.104%.
  • Momentum favors buyers, with a break above 149.50, exposing the key 150.00 level and resistance at the 200/100-DMA confluence at 151.20/21.
  • A drop below 149.00 could lead to a pullback toward the October 8 swing low of 147.35.

The USD/JPY edged higher during the North American session as US Treasury yields remained higher, particularly the 10-year T-note, which was up close to four basis points at 4.104%. The positive correlation between the US 10-year yield and the pair pushed the exchange rate to 149.13, up 0.37%.

USD/JPY Price Forecast: Technical outlook

The USD/JPY is still neutrally biased, though trading in a higher range within the 148.00-149.50 area, as traders decipher the Fed and the Bank of Japan's next move.

From a momentum standpoint, buyers remain in charge, yet the Relative Strength Index (RSI) hasn’t reached a new peak to push USD/JPY prices higher.

If USD/JPY clears the 149.50 area, this will immediately expose the 150.00 figure. Once removed, the next resistance would be the 200 and 100-day moving averages (DMAs) confluence at 151.20/21.

Conversely, if the pair drops below 149.00, look for a pullback toward the October 8 swing low of 147.35.

USD/JPY Price Action – Daily Chart

Japanese Yen PRICE Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Canadian Dollar.

 

USD

EUR

GBP

JPY

CAD

AUD

NZD

CHF

USD

 

-0.05%

-0.07%

0.39%

0.17%

-0.20%

-0.28%

0.12%

EUR

0.05%

 

-0.05%

0.38%

0.17%

-0.16%

-0.28%

0.10%

GBP

0.07%

0.05%

 

0.45%

0.24%

-0.10%

-0.21%

0.19%

JPY

-0.39%

-0.38%

-0.45%

 

-0.24%

-0.56%

-0.67%

-0.36%

CAD

-0.17%

-0.17%

-0.24%

0.24%

 

-0.34%

-0.43%

-0.03%

AUD

0.20%

0.16%

0.10%

0.56%

0.34%

 

-0.13%

0.27%

NZD

0.28%

0.28%

0.21%

0.67%

0.43%

0.13%

 

0.41%

CHF

-0.12%

-0.10%

-0.19%

0.36%

0.03%

-0.27%

-0.41%

 

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

Reviewed byTony
Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

Related Instruments

Recommended Articles

tradingkey.logo
tradingkey.logo
Intraday Data provided by Refinitiv and subject to terms of use. Historical and current end-of-day data provided by Refinitiv. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.
* References, analysis, and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgement of the analyst, without considering the investment objectives and financial situation of the investors.
Risk Warning: Our Website and Mobile App provides only general information on certain investment products. Finsights does not provide, and the provision of such information must not be construed as Finsights providing, financial advice or recommendation for any investment product.
Investment products are subject to significant investment risks, including the possible loss of the principal amount invested and may not be suitable for everyone. Past performance of investment products is not indicative of their future performance.
Finsights may allow third party advertisers or affiliates to place or deliver advertisements on our Website or Mobile App or any part thereof and may be compensated by them based on your interaction with the advertisements.
© Copyright: FINSIGHTS MEDIA PTE. LTD. All Rights Reserved.