The Yen's value today, October 13, 2023, against the US Dollar (USD/JPY) is attempting to halt its three-day winning streak, trading around 149.80 during the Asian session, close to the key support level at 150.00. This movement has been driven by a series of positive economic data from the United States, which has supported the rise of this pair.

If this currency pair can break through the 150.00 level, it could provide additional support for a move towards the monthly high around 150.16, followed by the psychological level at 150.50.

On the other hand, if a decline occurs, the USD/JPY pair may find support around the psychological level at 149.00, followed by the 21-day Exponential Moving Average (EMA) at 148.71.

A strong breakout below these levels could pressure the pair to explore the area around 148.00, after reaching the 23.6% Fibonacci retracement level at 147.11.

In the technical analysis of the USD/JPY pair, there are interesting dynamics at play. The Moving Average Convergence Divergence (MACD) line being above the midline indicates that the short-term average is above the long-term average. However, a significant change is evident as the MACD line is below the signal line, suggesting a shift in momentum toward a bearish trend.

Nevertheless, the USD/JPY pair still maintains bullish momentum, as reflected in the 14-day Relative Strength Index (RSI), which remains above the 50 level. This indicates that the pair has sustainable strength and is still in a bullish trend.

Also Read:

Yen Today: BoJ Intervention Boosts USD/JPY Above 143.00!

Fed's Interest Rate Expectations Halt, Japanese Yen Appreciates


Warning!

This analysis is based on fundamental and technical views from reliable sources and is not intended as advice or solicitation. Always remember that this content is designed to enrich readers' information. Always conduct your own independent research on other forex-related information as a reference for your trading.

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