- USD/JPY bounces back to 150.12, recovering after BoJ Governor’s dovish comments trigger USD rally.
- Technical analysis suggests potential for further gains, with eyes on surpassing February highs.
- Key support and resistance levels outlined, with a close eye on 150.00 as a pivotal point for direction.
After plummeting to a two-week low at 149.21, the USD/JPY initiated a rebound, surpassing the 150.00 mark on Friday. The recovery was propelled by dovish remarks from the Bank of Japan (BoJ) Governor Kazuo Ueda during the Asian session. This sentiment favored the Greenback, allowing it to recover from Thursday’s losses. Currently, the pair sits at 150.12, reflecting a modest uptick of 0.10%.
USD/JPY Price Analysis: Technical outlook
Taking a technical perspective, the USD/JPY has reinitiated its upward trajectory by surpassing the Tenkan-sen at 150.02, attracting buyers with aspirations for further advancements beyond this level. The upcoming milestone would be breaching the February 28 high at 150.85, paving the way towards the 151.00 mark. Beyond that, upward potential carries into the next supply zone, marked by last year’s high at 151.91.
Conversely, in the event of sellers securing a daily close below 150.00, the subsequent support level comes into play, located at the convergence of the February 29 low and Senkou span A at 149.21, followed by a challenge to the 149.00 threshold. Further downside pressure would confront the Kijun-sen, positioned beneath that area, at 148.39.
