Rallies after 144.00, boosted by high US yields

• USD/JPY is up over 0.90% to 144.54, supported by a rise in the US 10-year Treasury yield.
• Despite the rise, the pair shows a downtrend, remaining below the Ichimoku Cloud and 200-DMA.
• The RSI is crossing the neutral line, suggesting the potential for continued near-term gains.
• Key resistance at 145.00, with subsequent levels at 146.73 (50-DMA) and 147.00.
• A break below 144.00 could find support at 143.39 (Kijun-Sen), 142.76 (Senkou Span A) and 142.13 (Tenkan-Sen).

USD/JPY is up during the North American session, posting gains of over 0.90% as the US dollar recovers. The rise in the yield on US 10-year T-bills has sponsored an advance in the pair, which is trading at 144.54 at the time of writing.

USD/JPY Price Forecast: Technical Insights

Despite the rally during the session, USD/JPY remains bearish as the exchange rate remains below the Ichimoku Cloud (Kumo) and 200-day moving average (DMA).

The Relative Strength Index (RSI) has just broken through its neutral line, opening the door for further upside in the near term.

That said, the next resistance for USD/JPY would be the psychological figure of 145.00 before testing the 50-DMA at 146.73. Next, the pair could touch the figure of 147.00.

Conversely, if USD/JPY breaks below 144.00, this could pave the way to challenge the Kijun-Sen at 143.39, followed by the Senkou Span A at 142.76 and the Tenkan Sen at 142.13.

USD/JPY Price Action – Daily Chart