USDJPY enjoys upward support as a result of US economic data.
The USDJPY is trading around the 149.10 psychological level during the Asian session on Wednesday. Just below the peak set in November. Market trepidation is pushing up US Treasury rates. Which is helping the US Dollar (USD) versus the Japanese Yen (JPY).
The minutes of the Bank of Japan’s (BoJ) policy meeting revealed. That policymakers favored sustaining present monetary easing to achieve the price objective. But some members stressed the negative risks to Japan’s economy.
USDJPY Technical Outlook
As the 14-day Relative Strength Index rises, the upward momentum is possibly positive. The Relative Strength Index (RSI) remains over 50. The psychological threshold of 150.00 may operate as a barrier.
A sustained break above that level might entice USDJPY bulls to investigate the region around October’s high at 151.94.
On the downside, the USDJPY pair might find critical support at the psychological level of 148.00, which is aligned with a 14-day Exponential Moving Average (EMA) of 148.01.
If the USDJPY pair falls below the latter, bears may be able to traverse the region around the psychological level of 147.00, which corresponds to the 23.6% Fibonacci retracement at 146.36.
The Moving Average Convergence Divergence (MACD) line continues to be above both the centerline and the signal line. This scenario suggests that the yen price momentum is possibly strong, indicating bullish sentiment.
