USD/JPY shows signs of recovery, sticking to positive bias for the second consecutive session.

Rising from October's low, USD/JPY pair edged higher for second day straight to settle above 148.00 level. Recently, Japan's trade minister Yoji Muto was sent to the U.S. to negotiate with the U.S. officials in hopes to persuade them to exempt Japan from tariffs on cars and other products but he unfortunately failed to win any assurance. To add to the disappointment, Donald Trump had also stated a 25% tariff on imported foreign autos could be imposed in early April. Japan heavily relies on exports and tariff duties levied on automobiles could hurt its economy given the fact that U.S. is among its top consumers. 
However, further depreciation of Japanese Yen is still out of the question as traders are pricing in a rate hike from Bank of Japan. From technical point of view, USD/JPY pair could face rejection at 148.65 level. The RSI also suggests that the pair has still not ended up in the oversold region, capping any potential upside. 

USDJPY TECHNICAL ANALYSIS 


Technical Structure: Recovering from 5 month low, Descending channel, Bullish candle on daily, Bullish Flag on 4H, Consolidation on 1H.


Primary Trend: Downtrend


Intraday Trend/ Intraday Strategy: Bullish to Neutral/ Buy on Support, Sell on Resistance


Major Support: 147.00, 146.45,145.15


Major Resistance : 149.60,150.30, 151.30

Recent News

DOW JONES making a Wedge in 1HR

February 12, 2025

Market Insights

AUDUSD made a Doji on daily support leve...

November 19, 2024

Market Insights

GBP/JPY surged past 194.00 mark , next h...

March 25, 2025

Market Insights

AUDUSD fall after Trump victory

November 06, 2024

Market Insights

Gold Price Lingers Near One-Month Low as...

November 12, 2024

Market Insights

Maddy

Cross-Asset Analyst & Trainer

Varun Sharma

Senior Strategist

VJ Yadav

FX Strategist

Bot Window | Bot Window