USD/JPY up over 0.40%, recovering from 153.86 low amid US equity market surge.
Technical strength as pair surpasses May 3 high of 153.80, indicating further upside potential.
Continued momentum may test 155.00 resistance; falling below 154.00 could reverse gains.
The USD/JPY climbs late in the North American session, up by more than 0.40%, exchanging hands at 154.66 after bouncing off daily lows of 153.86. A risk-on impulse sent US equities rallying amid renewed speculations that the US Federal Reserve could cut rates twice in the year, with the first one expected in September.
USD/JPY Price Analysis: Technical outlook
The USD/JPY remains neutral to upward bias following two suspected Bank of Japan (BoJ) interventions. That dragged the pair from around 160.00 toward 151.86 in a matter of five days before bouncing off a 50-day moving average (DMA) during a trading session that formed a ‘hammer.’
That said, the pair has breached the May 3 high of 153.80, which exacerbated a rally past the 154.50 area, opening the door for further gains.
If buyers regain the 155.00 figure, key resistance levels emerge, with the Kijun and Tenkan-Sen at 155.52 and 156.04, respectively. If those levels are cleared, the next resistance would be the May 1 high at 157.98.
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