It rises weekly to the minimum, fixed above 148.00

• USD/JPY is trading at 148.17 after touching a low of 147.55, supported by buyers returning above the 148.00 level.
• Technical outlook suggests upside potential with resistance at 149.14, followed by 149.39 and 150.00.
• A break below the Ichimoku Cloud at 146.60-80 could signal further downside for the pair.

USD/JPY is basically flat after falling to a two-day low of 147.55 amid hopes of a ceasefire between Hezbollah and Israel, as a prominent Hezbollah leader said, according to CNN. At the time of writing, the pair is trading at 148.17, fixed.

USD/JPY Price Forecast: Technical Insights

Although USD/JPY broke its uptrend, the pair resumed its advance.

The pair hit a weekly low of 147.34, but buyers who moved in pushed the exchange rate above the psychological 148.00 mark, opening the door for further upside.

The Relative Strength Index (RSI) shows bulls in the lead, even as it shows the momentum is broken.

For USD/JPY buyers to resume the uptrend, the first resistance will be the October 7 high at 149.14. A breach of the latter will expose the August 15 high of 149.39, followed by the 150.00 figure. Once these areas are broken, buyers will watch the 200-day moving average (DMA) at 151.13.

On the other hand, if USD/JPY breaks below the Ichimoku Cloud (Kumo) at 146.60-80, this could pave the way for further downside.

USD/JPY Price Action – Daily Chart