USD/JPY Price Analysis: Climbs to fresh YTD top, seems poised to appreciate further USDJPY BOJ Fed Technical Analysis Currencies
ion. The pair is currently placed around the 135.00 psychological mark and seems poised to build on the recent appreciating move witnessed over the past two weeks or so.under new Bank of Japan Governor Kazuo Ueda. The US Dollar, on the other hand, hits a fresh six-week high amid expectations that the Federal Reserve will stick to its hawkish stance in the wake of stubbornly high inflation. This turns out to be a key factor pushing the USD/JPY pair higher.
From a technical perspective, this week's sustained break through the 50-day SMA and a subsequent move beyond the 132.90-133.00 supply zone was seen as a key trigger for bullish traders. The latter marks the 38.2% Fibonacci retracement level of the recent sharp pullback from over a three-decade higher touched in October and should now act as a strong near-term base for the USD/JPY pair.
In the meantime, any meaningful slide below the 134.80-134.75 immediate support is likely to attract fresh buyers near the 134.40 region. This, in turn, should help limit the downside for the USD/JPY pair near the 134.00 round-figure mark. That said, a convincing break below might prompt some technical selling and pave the way for a slide back towards the 133.00 strong resistance breakpoint.seems poised to climb towards the 135.55-135.60 horizontal zone and eventually aim to reclaim the 136.
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