USDJPY hits 9-month high as intervention fears fade
USDJPY surged to a fresh nine-month high near 154.80 earlier today, supported by expectations that Japanese authorities will refrain from intervention, at least for the time being, and growing speculation that the Federal Reserve may cut rates at its next policy meeting.
If bullish momentum persists, the pair could target the January peak at 156.70, followed by the 158.86 resistance barrier.
Conversely, a bearish correction may push prices toward the 20-day SMA at 153.10, then the recent low at 152.80. Further downside pressure could expose the 151.50 support and the 50-day SMA near 150.50.
From a technical perspective, the MACD remains above the zero line but is moving sideways, signaling potential consolidation. Meanwhile, the stochastic oscillator is entering the overbought zone, indicating strong bullish momentum but also warning of a possible pullback.
To sum up, USDJPY’s rally reflects a combination of policy divergence and market confidence in continued dollar strength. While technical indicators favor the bulls, overbought conditions suggest caution.
The yen is strengthening before our very eyes
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