Japanese Yen holds gains due to rising bets of another BoJ rate hike in 2024
Technical Analysis: USD/JPY remains above 145.00
USD/JPY trades around 145.20 on Thursday. Analysis of the daily chart shows that the pair is consolidating under a downtrend line, suggesting a bearish bias. Furthermore, the 14-day Relative Strength Index (RSI) is slightly above 30, suggesting a potential correction for the pair.
For support levels, the USD/JPY pair might navigate the region around the psychological level at 144.00 A break below this level could lead the pair to navigate the area around a seven-month low of 141.69, which was recorded on August 5. A further drop could drive the pair toward the next significant support level at 140.25.
On the upside, the USD/JPY pair could encounter an immediate resistance at the downtrend line around the nine-day Exponential Moving Average (EMA) at the 146.45 level. A breakthrough above this level could weaken the bearish bias and support the pair to test the resistance level at 154.50, which has transitioned from previous support to current resistance.
