USD/JPY Price Forecast: Rebounds above 153.00 as buyers stepped in

The USD/JPY stages a recovery on Friday with buyers claiming 153.00, an indication that the uptrend might resume in the short term. The 100-pip or 0.68% Thursday’s loss was offset by traders buying the US Dollar due to its close correlation  with the US 10-year Treasury note yield, which was steady during the trading day.

USD/JPY Price Forecast: Technical outlook

The USD/JPY technical picture shows that buyers regained momentum at around 153.00 with the next support level seen at the 20-day SMA at 152.52. Although buyers kept the exchange rate from falling to 152.80, a breach of the latter opens the door towards the 20-day SMA and on further weakness, the October 29 low lies next at 151.53.

However, buyers remain in charge as depicted by the RSI. That said, if USD/JPY rises above 154.00, the next resistance would be the November 4 peak at 154.48, followed by 155.00.

USD/JPY Price Chart – Daily