It rises and climbs above 148.00

• USD/JPY rises over 1% after US non-farm payrolls added 254,000 jobs, lifting US Treasury yields.
• Bulls are targeting a decisive break above 149.39 and 150.00, with the next resistance at the 200-DMA of 151.06.
• Support is at 148.00, followed by the Senkou Span B at 147.78 and the bottom of the Ichimoku Cloud at 146.90-147.00.

USD/JPY rose sharply in the Ichimoku (Kumo) cloud after the US Bureau of Labor Statistics (BLS) revealed that the latest jobs report added more than 254,000 workers to the labor force. This supported US Treasury yields, which lifted the exchange rate to current price levels due to their close correlation with the pair. The main trades at 148.73, up more than 1%.

USD/JPY Price Forecast: Technical Insights

USD/JPY aimed higher but remains far from bullish. Despite this, the bulls are in the lead in the short term, eyeing a decisive break above the August 15 high of 149.39 and the 150.00 figure.

The Relative Strength Index (RSI) is bullish, aiming higher, suggesting that further upside is in sight in the USD/JPY pair.

If buyers break above 150.00, the next resistance would be the 200-day moving average (DMA) at 151.06. Next, this will expose the 100-DMA at 151.94.

Instead, the first USD/JPY support would be the figure of 148.00. Once it surrenders, the first support would be the Senkou Span B at 147.78, followed by the bottom of the Kumo at 146.90-147.00.

USD/JPY Price Action – Daily Chart