- USD/JPY at 150.13, stabilizing amid quiet trading from the US holiday.
- Bulls aim for a break above 150.88 year-to-date high, targeting 151.91+.
- Decline below 150.00 may prompt tests of lower support, as technicals suggest crucial markers.
The USD/JPY traded sideways during a choppy trading session late on Monday, with Wall Street remaining closed in observance of President’s Day. At the time of writing, the pair exchanges hands at 150.13, flat.
From a technical perspective, the USD/JPY is neutral to upward biased, but it seems to have peaked at around the 150.00 area as Japanese authorities threatened to intervene in the Forex markets. Nevertheless, bulls remain in charge, and if they push the exchange rate above the current year-to-date (YTD) high of 150.88, that will exacerbate a rally above the 151.00 figure, with buyers targeting the 2023 high at 151.91. A breach of the latter will expose the 152.00 mark.
On the flip side, if sellers drag the exchange rate below 150.00, look for a dip lower, initially to the Tenkan-Sen at 149.25. Once cleared. The next stop would be the Senkou Span A at 148.57, followed by the Kijun-Sen at 147.88.
