- USD/JPY needs to clear 150.93 to invalidate the broader downtrend.
- Key resistance at 151.00 and Senkou Span A at 151.50.
- Failure to hold 150.00 could push the pair toward 148.57 support.
The USD/JPY rallied for the third straight day after bottoming near 148.60 on Tuesday. It gained over 0.54% and traded back above the 150.00 handle. At the time of writing, the pair is trading at 150.59.
USD/JPY Price Forecast: Technical outlook
The USD/JPY pair’s downtrend will remain in place unless buyers reclaim 150.93, the February 7 daily low that turned resistance. The Tenkan-sen at 150.44 was already reclaimed, but key resistance levels reaffirm the USD/JPY bearish scenario.
Bulls must reclaim 151.00 ahead of challenging the Senkou Span A at 151.50. On further strength, up next lies the 200-day Simple Moving Average at 152.43
Conversely, if USD/JPY drops below 150.00, the next support would be the February 25 daily low of 148.57. Once hurdled, the next support would be the December 2024 swing low of 148.64.
USD/JPY Price Chart – Daily
