USDJPY pauses below 154.00 amid strong US data
USDJPY is trading slightly below the key 154.00 level, pressured by stronger-than-expected US economic data and the Federal Reserve’s cautious tone regarding future policy easing. The ADP employment report revealed that US private sector hiring exceeded expectations in October, while the ISM Services PMI surged to an eight-month high, reinforcing the resilience of the U.S. economy.
Despite several attempts in recent sessions to break above the nine-month high of 154.47 and reach the 154.80 resistance level, the pair has struggled to maintain upward momentum, resulting in a period of consolidation. A decisive move above 154.80 could pave the way for a continuation of the rally toward the January highs near 156.70.
On the other hand, a drop below the 153.30 support level may trigger further downside correction, with the 20-day simple moving average (SMA) at 152.50 acting as the next immediate support, followed by the 151.50 level.
From a technical perspective, the MACD is moving sideways near its trigger line above the zero threshold, suggesting a lack of strong directional bias. Meanwhile, the stochastic oscillator has formed a bearish crossover in the overbought zone, indicating potential short-term weakness.
To sum up, the technical indicators point to a possible pause or pullback in the near term. A break above 154.80 would reaffirm bullish momentum, whereas a drop below 153.30 could expose the pair to deeper corrective moves.
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