Key Moments
- USD/JPY traded near 159.60 during Asian hours on Monday after four consecutive daily losses, while staying within an ascending channel.
- The pair tested 159.75, matching the highest level since July 2024 that was previously reached on March 13.
- Initial support is seen at the confluence of the ascending channel’s lower boundary and the nine-day EMA at 158.55, with deeper support near the 50-day EMA around 156.44.
USD/JPY Holds Bullish Structure Above Key Averages
USD/JPY was trading around 159.60 during Asian hours on Monday, easing slightly after four straight days of declines but maintaining a constructive technical setup on the daily chart. Price action continues to track within an ascending channel, signaling that the broader uptrend remains intact.
From a shorter-term perspective, the bias stays positive as the pair trades comfortably above the rising 50-day Exponential Moving Average (EMA) and extends the rebound from the mid-month pullback. The nine-day EMA is positioned just below the spot rate and has once again taken on the role of dynamic support, suggesting that buyers remain willing to step in on modest dips.
Momentum indicators are also supportive. The 14-day Relative Strength Index (RSI) is in the high 60s, reflecting strong upside momentum without yet entering extreme overbought territory.
Resistance Tests and Upside Levels to Watch
The latest advance brought USD/JPY up to 159.75, revisiting the highest level since July 2024 that was first hit on March 13. Just above, the next technical hurdle is the upper boundary of the ascending channel, located near 161.30.
A sustained breakout above that channel ceiling would open the way toward the all-time high at 162.00, which was recorded in July 2024.
Support Zones and Potential Downside Risk
On the downside, initial support is identified at the lower boundary of the ascending channel, which currently coincides with the nine-day EMA at 158.55. A clear move below this overlapping support area would signal a loss of near-term momentum and shift the focus to the medium-term moving average at 156.44.
A deeper decline through that level would be required to challenge the broader bullish structure evident on the daily timeframe.
Japanese Yen Performance Against Major Currencies
The table below shows the percentage change of the Japanese Yen (JPY) versus major currencies today, as well as cross-moves among those currencies. According to this snapshot, the Japanese Yen was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.28% | -0.24% | -0.08% | -0.05% | -0.39% | -0.69% | -0.28% | |
| EUR | 0.28% | 0.12% | 0.22% | 0.24% | -0.11% | -0.28% | 0.00% | |
| GBP | 0.24% | -0.12% | 0.17% | 0.12% | -0.23% | -0.43% | -0.07% | |
| JPY | 0.08% | -0.22% | -0.17% | 0.06% | -0.30% | -0.43% | -0.19% | |
| CAD | 0.05% | -0.24% | -0.12% | -0.06% | -0.34% | -0.55% | -0.19% | |
| AUD | 0.39% | 0.11% | 0.23% | 0.30% | 0.34% | -0.20% | 0.23% | |
| NZD | 0.69% | 0.28% | 0.43% | 0.43% | 0.55% | 0.20% | 0.36% | |
| CHF | 0.28% | -0.00% | 0.07% | 0.19% | 0.19% | -0.23% | -0.36% |
The heat map represents the percentage change of each major currency against the others. The base currency is selected from the left-hand column, and the quote currency is taken from the top row. For instance, selecting the Japanese Yen as the base from the left column and moving horizontally to the US Dollar cell shows the percentage move for JPY (base)/USD (quote).
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
