USD/JPY retreats 0.30%, showing signs of consolidation after touching a weekly peak of 150.57.
Technical analysis indicates potential pressure points with the Tenkan-Sen and February lows providing support.
Upside momentum requires reclaiming 151.00, setting the stage for a possible advance toward yearly highs.
The USD/JPY lost traction during the mid-North American session, edged down 0.30%, and exchanged hands at 150.08 after reaching a weekly high of 150.57 on Monday.
USD/JPY Price Analysis: Technical outlook
From a daily chart perspective, the USD/JPY is trading sideways capped on the upside by the 151.00 figure, while on the downside is the Tenkan-Sen at 150.02. A breach of the latter will expose the confluence of the February 29 low and the Senkou Span A at 149.21, followed by the 149.00 mark. Further downside is seen at 148.39 at the Kijun Sen level, before testing 148.00.
On the flip side, if buyers regain the 151.00 figure, that could open the door to challenge the November 16 swing high at 151.38, ahead of last year’s high at 151.91. Above this level, look for 152.00
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