Technical Analysis: USDJPY

USDJPY rose to a nearly 3-month high

On Wednesday, USDJPY rose more than 1%, breaking through the 153 mark, hitting a new high since the end of July.

The Bank of Japan may not raise interest rates in October

BoJ Governor Kazuo Ueda said that the Bank of Japan still maintains a fairly loose monetary stance and hopes to raise inflation expectations to a new level.

Most economists surveyed by the media expect the Bank of Japan to keep its benchmark interest rate unchanged next week and then raise interest rates in December or January next year.

The USDX continued to rise

On Wednesday, the USDX continued to rise, rising for the 16th day in 18 trading days. It ended up 0.33% at 104.41.

Technically speaking, the bullish market trend prevailed

the Chart of the Day

On the chart of the day, USDJPY continued to rise. The bullish market trend prevailed in the short term. In terms of technical indicators, RSI went upwards after golden cross occurred, showing that USDJPY will rise further. Investors should focus on whether USDJPY will break through the resistance at 153.9. It will jump further with potential resistance at 155.2 if it breaks above the resistance at 153.9.

4-hour chart 

On the 4-hour chart, USDJPY was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether USDJPY will break through the support at 152.0. It will rise further if it retreats but is stable at 152.0.

Key resistance: 153.9,155.2

Key support: 152.0,150.5

Generally speaking, boosted by multiple positive factors, USDJPY is more likely to rise further in the short term. Investors should focus on the US economic data during the day.