The USD/JPY sees a slight increase of 0.08% on Wednesday. This is in response to US inflation data that has decreased expectations for a Federal Reserve rate hike at the upcoming meeting on October 28. Currently, the pair is trading at 157.42.
USD/JPY Price Forecast: Technical Outlook
Currently, the price action suggests a neutral to downward trend for USD/JPY, which follows the recent intervention by US and Japanese authorities. This action moved the pair from around 160.00 down to 153.00, though it has since regained some value to reach the present exchange rate.
While the momentum seemed to favor buyers initially, sellers have recently made their presence felt, especially as the Relative Strength Index (RSI) reached a peak at 60 before settling back to the neutral 50 level. This indicates that further consolidation may be on the horizon.
For the USD/JPY to show bullish movement, it will need to rise above the 50-day Simple Moving Average (SMA) at 158.28. If it does, the next resistance points are at 159.00 and the 100-day SMA at 159.57, with 160.00 to follow.
Conversely, if USD/JPY falls below today’s low of 156.38, it could challenge the 156.00 mark. A drop below that threshold would expose the low from May 6 at 155.04, then the September 8 low at 152.89.
USD/JPY Price Chart – Daily
Japanese Yen Price This Month
The table below illustrates the percentage change of the Japanese Yen (JPY) against various major currencies for the month. Notably, the Yen has performed strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 2.53% | 2.13% | -1.49% | 2.73% | 3.17% | 4.97% | 3.35% | |
| EUR | -2.53% | -0.37% | -3.92% | 0.16% | 0.64% | 2.41% | 0.82% | |
| GBP | -2.13% | 0.37% | -3.57% | 0.54% | 1.01% | 2.78% | 1.21% | |
| JPY | 1.49% | 3.92% | 3.57% | 4.26% | 4.75% | 6.51% | 5.02% | |
| CAD | -2.73% | -0.16% | -0.54% | -4.26% | 0.48% | 2.17% | 0.65% | |
| AUD | -3.17% | -0.64% | -1.01% | -4.75% | -0.48% | 1.74% | 0.19% | |
| NZD | -4.97% | -2.41% | -2.78% | -6.51% | -2.17% | -1.74% | -1.54% | |
| CHF | -3.35% | -0.82% | -1.21% | -5.02% | -0.65% | -0.19% | 1.54% |
The table summarizes the percentage shifts of major currencies against one another. The base currency is specified in the left column, and the quote currency is in the top row. For instance, if you select the Japanese Yen and look to the right to the US Dollar, the percentage change noted represents the JPY (base)/USD (quote).
