- USD/JPY bounces to 150.12, recovering after the BoJ Governor's dovish comments triggered the USD rally.
- The technical analysis suggests the possibility of further increases, with an eye on surpassing the February highs.
- Key support and resistance levels, with an eye on 150.00 as a key point for direction.
USD/JPY recovered after falling to a two-week low of 149.21, breaking above the 150.00 level on Friday amid dovish comments from Bank of Japan (BoJ) Governor Kazuo Ueda during the Asian session. This favored the Dollar, which matched Thursday's losses and currently stands at 150.12, with a modest rise of 0.10%.
Technically, USD/JPY resumed its uptrend, surpassing the Tenkan-sen at 150.02, and buyers hope to continue advancing beyond that level. The next cycle high would be the February 28 high at 150.85, before reaching 151.00. Once above this level, there is a risk of further upside, and the next supply zone would be last year's high at 151.91.
Conversely, if sellers achieve a daily close below 150.00, the next support will be at the confluence of the February 29 low and the Senkou span A at 149.21, before challenging 149.00. The Kijun-sen is below that zone, at 148.39.
USD/JPY Price Action – Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
