Yen. Image Source: Pixabay

The USD/JPY trades with losses below the Tenkan-Sen level of 150.03, following “hawkish” comments by a Bank of Japan (BoJ) member, Takata. He said the BoJ needs to consider taking a flexible response, including exiting from monetary policy stimulus, which investors perceived as a normalization of monetary policy. At the time of writing, the pair exchanged hands at 149.98, down 0.47%.

USD/JPY Price Analysis: Technical outlook

The daily chart shows the pair printed a low at around 149.21, at the Senkou Span A level, before resuming to the upside and thus remaining shy of the 150.00 figure. A breach of the latter will expose the Tenkan-Sen and a resumption of the ongoing uptrend towards the 151.00 mark.

Conversely, if the USD/JPY stays below the 150.00 mark and achieves a daily close below 149.21, look for a fall to the Kijun-Sen at 148.31, ahead of the 148.00 mark. If surpassed, the pair could aim toward the top of the Ichimoku Cloud (Kumo) at around 146.00-146.15.

USD/JPY Price Action – Daily Chart

(Click on image to enlarge)

USD/JPY

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