USD/JPY Price Prediction: Is the Yen Set to Decline Further This Week?

Summary:
• USD/JPY price prediction as yen weakens further. Explore key support and resistance levels, BoJ’s dovish stance...

USD/JPY is trading around 153.42 today, showing a slight increase of 0.10%. The pair has been riding a strong uptrend recently, driven by the contrast in monetary policy between the U.S. Federal Reserve and the Bank of Japan (BoJ). With the BoJ maintaining a dovish stance and no significant changes expected this week, the dollar continues to have the upper hand.

USD/JPY Key Technical Levels

• Current Price: 153.42 (+0.10% today)
  • The pair has reached its highest point since October, highlighting sustained bullish momentum.
• Resistance Levels:
  • 154.00: Immediate resistance, which could be tested if the bullish momentum continues.
  • 158.37: Major resistance; breaking above this would indicate strong upward potential.
• Support Levels:
  • 151.81: Closest support; a dip here could attract buying interest, keeping the bullish trend intact.
  • 149.99: Aligns with the 20-day EMA, serving as a short-term support level.
  • 148.49: Corresponds with the 50-day EMA, suggesting a key level for mid-term traders.
• Moving Averages:
  • 20-day EMA at 149.99: USD/JPY remains comfortably above this, signaling short-term bullish sentiment.
  • 50-day EMA at 148.49: Holding above this level indicates mid-term support and reinforces the bullish trend.

Outlook & Conclusion: Is USD/JPY Ready for More Upside?

The momentum of USD/JPY indicates that it may soon reach the 154.00 level. Nevertheless, traders need to monitor the 151.81 support level carefully, as dropping below it could indicate a temporary decline. For now, the pair appears set to continue its upward trend, with the yen struggling to find support amidst the BoJ’s accommodative policies.