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The USD/JPY currency pair edged higher during the North American session on Friday. Meanwhile, US Treasury yields remained high, particularly the 10-year T-note, which rose to 4.104%. The positive correlation between the US 10-year yield and the currency pair pushed the exchange rate to 149.13, up 0.37%.
USD/JPY Price Forecast: Technical Outlook
The USD/JPY pair appeared to still be neutrally-biased, though it was seen trading in a higher range within the 148.00-149.50 area, as traders mulled over the Fed and the Bank of Japan’s next move.From a momentum standpoint, buyers remained in charge, yet the Relative Strength Index (RSI) hadn’t yet reached a new peak to push USD/JPY prices higher.If the USD/JPY cross manages to clear the 149.50 mark in the coming days, such a move would immediately expose the 150.00 figure. Once removed, the next resistance would be the confluence of the 200- and 100-day moving averages at the 151.20/21 area.Conversely, if the pair drops below the 149.00 figure, traders could look for a pullback toward the Oct. 8 swing low of 147.35.
USD/JPY Price Action – Daily Chart
Japanese Yen Price on Friday
The table below shows the percentage change of the Japanese yen against other major currencies as of Friday, Oct. 12, 2024. The Japanese yen was the strongest against the Canadian dollar.
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