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USD/JPY Price Analysis – Anticipation Builds as CPI Report Looms

  • 2 mins read ●
  • Published:
usd jpy 3

The US Dollar continues to strengthen versus the Japanese Yen as the pair hovers around the psychological 150 key level. US Inflation data are in focus.

Key Points

  • USDJPY suffered low volume across Friday and Monday, which is to be expected as we anticipate the US inflation reports.
  • A critical resistance level on the hourly chart keeps the USD from pushing the pair higher.  
  • For any strong bearish pressure to be mounted, the price must first fall below 148.927.

USD/JPY Daily Price Analysis – 13/02/2024

Friday and yesterday were slow days for the USD/JPY as the pair’s price consolidated, creating two Dojis sitting side by side. Yet, chances are that we’ll finally see some volume in the market today as the CPI reports are going to be published later at 13:30 GMT. 

As things stand, the dollar is gaining strength over the yen with a bullish push. The price has flown relatively far away from the EMA 50 indicator, and the MACD is spewing the green bars, albeit with some hesitancy.

The recent losses for the JPY against the USD have also come after the BoJ came out to imply a turn from the negative interest rate zone. If the BOJ low-rate policy is expected to continue, the potential upside above the psychological level at 150 is likely to continue. 

usdjpy daily
USD/JPY Daily Chart – 13/02/2024

USD/JPY Intraday Technical Analysis – 13/02/2024

As of 10 AM UTC, the UJ is getting closer to a breakout from the 149.490 – 149.585 resistance level. If aggressive enough, this breakout could tip the price over the 150 price level. Unsurprisingly, this 150 price coincides with the R1 level of the Standard Pivot Point Indicator.

However, if this breakout fails and the price reverses to the downside, the next level to look for is the low of 148.927, the lowest point of the week so far. 

Either way, the USD/JPY is likely to stay in a tight range until the CPI is released. A break above 149.63 can push the price to the psychological 150 level and then to last year’s highest level of 151.76.

usdjpy 1h chart
USD/JPY 1H Chart – 13/02/2024

Key Economic Data and News to be Released Today

CPI today. That’s where traders are placing all of their focus today. The report can reveal more clues regarding the Fed’s rate cut policy. A better-than-expected figure can postpone rate hikes to the next Fed meetings, which will boost the US dollar versus most currencies, including the Japanese Yen.

Visit Our Economic Calendar

USD/JPY Key Pivot Point Price Levels 13/02/2024

Based on the 1hr chart, the key Pivot Point price levels for USDJPY are these:

S3S2S1Pivot PointsR1R2R3
Pivot Points148.081148.829150.029

Risk Disclosure: The information provided in this article is not intended to give financial advice, recommend investments, guarantee profits, or shield you from losses. Our content is only for informational purposes and to help you understand the risks and complexity of these markets by providing objective analysis. Before trading, carefully consider your experience, financial goals, and risk tolerance. Trading involves significant potential for financial loss and isn't suitable for everyone.

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