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The price of USDJPY continues to climb, however the price has reached a 24 year high at 145.00. Will the price rebound here or will it trade it higher?
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USDJPY Analysis
The price of USDJPY continues to climb despite a recent announcement from the Bank of Japan. Finance Minister Shunichi Suzuki is concerned over one-sided moves in the JPY and calls for stability. Despite this urgent verbal announcement the JPY failed to gain any strength. Part of the problem is the strengthening USD, which got stronger from Federal Reserve Chairman Powell’s previous comments. The Federal Reserve Chairman remained hawkish and could continue to do so in his upcoming speech. This could send the USDJPY prices much higher despite them being at a 24 year high.
The monthly price chart shows price at a 24 year high at 145.00. This level in the past saw a significant drop in the market however the market conditions currently could see this level ignored. Currently the price is rejecting the level however, the selling pressure isn’t great. If institutions were getting short we would have seen a bigger initial move here. The risk of the Powell speech could be the reason sellers are unwilling to short the level. Going to the lower time frames and the session profiles we can see a support value area around 144.15. This could see some short term buying re-enter the market.
Did you see our EURAUD Analysis? You can see it here.
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