USD/JPY is currently close to the 150.00 level, showing signs of potential downside through the formation of a ‘gravestone doji’. The Relative Strength Index (RSI) indicates slight bullish momentum, with a break above 149.00 targeting 149.47 and 150.00. If 149.00 is not surpassed, selling pressure may push the pair to 148.34 and then 148.00.
Late in the North American session, the pair traded at 148.76 as traders absorbed monetary policy from the Bank of Japan and the Federal Reserve. This week, despite a bounce, the pair struggled to reclaim 150.00, leading to sideways movement.
Key Support And Resistance Levels
Key support levels are located at 148.34 and 148.00, while the Kijun-sen at 150.60 is possible if momentum continues upward. A table of percentage changes indicates the Japanese Yen was the strongest against the Euro and has various fluctuations against other major currencies throughout the week.
The USD/JPY hovering near 150.00, especially with a ‘gravestone doji’ forming, suggests hesitation in pushing higher. This kind of candlestick pattern is often linked to a potential shift in momentum, indicating that buyers may be losing steam. At the same time, with the RSI still showing some upwards pressure, a move above 149.00 could open the door to retesting 149.47 and possibly even 150.00 again. However, if the pair fails to clear 149.00, it would imply that sellers remain active, increasing the likelihood of a move towards 148.34 and 148.00.
Markets have been digesting monetary policy from both Tokyo and Washington, and the currency pair reflects this indecision. During the North American session, when it settled at 148.76, it became even clearer that participants were weighing policy implications carefully. A brief rebound earlier in the week proved unsuccessful in reclaiming 150.00, leaving price action largely locked in a range.
Japanese Yen Performance Review
Key levels remain well-defined. A failure to maintain ground above 149.00 could accelerate losses, reinforcing 148.34 as immediate support. Below that, 148.00 becomes the next likely target in case sellers maintain control. On the other hand, if price action sustains upward momentum, the Kijun-sen at 150.60 would be the logical reference point.
A review of weekly currency moves shows that the Japanese Yen gained relative strength, particularly against the Euro, while trading dynamics varied against other major counterparts. The clearest takeaway from recent price behaviour is the market’s struggle to generate consistent directional movement. Until there is more conviction, short-term trades will likely rely on reactions at well-established support and resistance zones.
