The USD/JPY pair recently dropped by over 0.54% on Tuesday. This shift came on the heels of disappointing US inflation figures and retail sales, which likely bolstered expectations that the Federal Reserve will lower interest rates in December. At present, the exchange rate stands at 155.98, dipping below the 156.00 mark for the first time in four days.
USD/JPY Price Prediction: Technical Outlook
While there’s an evident upward tendency for USD/JPY, the February 10 high of 155.88 has now switched roles, acting as support rather than resistance. Still, the currency pair continues to experience new highs and lows, suggesting that bullish sentiment is strong. Furthermore, the Relative Strength Index (RSI) shows a slight decline but remains in the positive zone.
In the near term, if USD/JPY falls below 155.50, it could test the 155.00 level, followed by the 154.00 mark and the November 14 low of 153.62. Should it break above this, the next significant point to watch would be the 50-day SMA at 152.02.
On the flip side, if the pair climbs over 156.00, the next resistance level to consider would be the high from November at 157.89, surpassing the year’s high of 158.88.
USD/JPY Price Chart – Daily
This week’s Japanese yen price
The table below illustrates the percentage change of the Japanese Yen (JPY) against major currencies for the week. Notably, the yen has been strongest against the US dollar.
| USD | EUR | GBP | JPY | CAD | australian dollar | new zealand dollar | swiss franc | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.46% | -0.53% | -0.36% | -0.02% | -0.13% | -0.16% | -0.15% | |
| EUR | 0.46% | -0.07% | 0.11% | 0.44% | 0.32% | 0.36% | 0.32% | |
| GBP | 0.53% | 0.07% | 0.16% | 0.52% | 0.39% | 0.42% | 0.39% | |
| JPY | 0.36% | -0.11% | -0.16% | 0.34% | 0.15% | 0.07% | 0.19% | |
| CAD | 0.02% | -0.44% | -0.52% | -0.34% | -0.12% | -0.12% | -0.13% | |
| australian dollar | 0.13% | -0.32% | -0.39% | -0.15% | 0.12% | 0.00% | 0.02% | |
| new zealand dollar | 0.16% | -0.36% | -0.42% | -0.07% | 0.12% | -0.01% | -0.00% | |
| swiss franc | 0.15% | -0.32% | -0.39% | -0.19% | 0.13% | -0.02% | 0.00% |
This heat map represents the percentage changes between major currencies. The base currency is shown in the left column, while the quote currency is along the top row. For example, selecting Japanese Yen from the left column and moving horizontally to USD will show the percentage change for JPY (base) against USD (estimate).
