Fails to clear 145.00, forms “doji” pattern.

• USD/JPY is trading steady at 144.72 after hitting a three-week high of 145.21 as election uncertainty dampens momentum.
• Doji candlestick and flat RSI suggest market indecision, with key resistance at the 50-DMA of 146.49.
• A break below 144.11 could lead to further declines, testing support levels at 143.39 and 142.39.

USD/JPY remains lower after swinging in a 110-pip range, where the pair hit a three-week high of 145.21. Uncertainty surrounding the Japanese election overshadowed speeches by Bank of Japan (BoJ) officials, who decided to keep rates unchanged last week. At the time of writing, the main trades are trading at 144.72, flat.

USD/JPY Price Forecast: Technical Insights

Technically, the downtrend will continue. Thursday’s price action forms a “doji,” meaning neither buyers nor sellers are committed to solid positions. Even the Relative Strength Index (RSI), despite showing bulls in charge, the RSI slope is flat at 51.

If USD/JPY buyers push prices above the September 26 high at 145.21, it could cause a challenge to the 50-day moving average (DMA) at 146.49 before testing the 147.00 mark. The next resistance would be the bottom of the Ichimoku (Kumo) Cloud at around 148.20-50.

Conversely, if the pair breaks below the September 26 low of 144.11, it will test the Kijun-Sen at 143.39, followed by the Senkou Span A at 142.89. On further weakness, the Tenkan-Sen will be the Bulls’ last line of defense at 142.39.

USD/JPY Price Action – Daily Chart