USD/JPY edges higher,is ripple a good investment trading within a range of 148.00-149.50 as US 10-year yields rise to 4.104%.
Momentum favors buyers, with a break above 149.50, exposing the key 150.00 level and resistance at the 200/100-DMA confluence at 151.20/21.
A drop below 149.00 could lead to a pullback toward the October 8 swing low of 147.35.
The USD/JPY edged higher during the North American session as US Treasury yields remained higher, particularly the 10-year T-note, which was up close to four basis points at 4.104%. The positive correlation between the US 10-year yield and the pair pushed the exchange rate to 149.13, up 0.37%.
USD/JPY Price Forecast: Technical outlook
The USD/JPY is still neutrally biased, though trading in a higher range within the 148.00-149.50 area, as traders decipher the Fed and the Bank of Japan's next move.
From a momentum standpoint, buyers remain in charge, yet the Relative Strength Index (RSI) hasn’t reached a new peak to push USD/JPY prices higher.
If USD/JPY clears the 149.50 area, this will immediately expose the 150.00 figure. Once removed, the next resistance would be the 200 and 100-day moving averages (DMAs) confluence at 151.20/21.
Conversely, if the pair drops below 149.00, look for a pullback toward the October 8 swing low of 147.35.
USD/JPY Price Action – Daily Chart
