USD/JPY Price Analysis: Rebounded To 150.00 Amid Dovish BoJ Remarks

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  • The USD/JPY currency pair bounced back to the 150.12 level, as it recovered after the BoJ Governor's dovish comments triggered a rally in the US dollar.
  • Technical analysis seemed to suggest the potential for further gains, as many eyed the possibility of surpassing February's highs.
  • Key support and resistance levels are outlined below, with the 150.00 mark provided as a pivotal point for direction.

The USD/JPY currency pair staged a recovery after diving to a two-week low of 149.21, as it climbed above the 150.00 figure on Friday amidst dovish comments by the Bank of Japan's Governor, Kazuo Ueda, during the Asian trading session. That favored the greenback, which paired Thursday’s losses. The USD/JPY duo was recently seen exchanging hands at around 150.12, up by a modest 0.10%.

USD/JPY Price Analysis: Technical Outlook

From a technical perspective, the USD/JPY pair resumed its uptrend, clearing the Tenkan-sen formation at 150.02, as buyers eyed further gains past that level. The next cycle high would be the Feb. 28 high at 150.85, before the pair could reach the 151.00 mark. Upside risks would emerge if that level could be surpassed, with the next supply zone seen at last year’s high of 151.91.

Conversely, if sellers could achieve a daily close below the 150.00 mark, the next support would emerge at the confluence of the Feb. 29 low and the Senkou span A at 149.21 before challenging the 149.00 level. The Kijun-sen formation would be seen beneath that area, at the 148.39 figure.

USD/JPY Price Action – Daily Chart

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USD/JPY Technical Levels

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