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USD/JPY Climbs Above 147.00 as Geopolitical Tensions Boost Dollar Demand

4.0
Overall Trust Index

Written by:

Ezekiel Chew

Last updated on:

October 3, 2024

The USD/JPY rose above the 147.00 mark on Thursday, reaching its highest level since September. At the time of writing, the pair is trading at 146.92, up 0.31% for the day. Investors are flocking to safe-haven assets amid growing tensions in the Middle East, which has strengthened demand for the U.S. dollar.

The latest escalation in regional conflict has prompted traders to seek stability, propelling the Greenback higher as a preferred haven. As war drums beat louder, the yen continues to weaken under the weight of the Bank of Japan’s ultra-loose monetary policy, while the Federal Reserve maintains its hawkish stance, creating a stark contrast in monetary approaches.

USD/JPY Price Action Daily Chart from FXStreet, TradingView as of October 3rd, 2024

From a technical perspective, the USD/JPY remains in a bullish mode. The Relative Strength Index (RSI) shows upward momentum, signaling that the path of least resistance is still higher. For further gains, the pair will need to break past the top of the Kumo cloud at 147.25. Clearing this hurdle could pave the way for the next targets at 147.78, and ultimately the psychological resistance at 148.00. Beyond these levels, a move toward the 200-day Moving Average at 151.02 could come into play, signaling a significant continuation of the uptrend.

However, risks remain. Should the pair lose steam, immediate support sits around the 50-day Moving Average at 145.38, with additional support expected near the 145.00 level. A deeper retracement could bring the Senkou Span A at 143.93 into focus as a major support level.

While the market remains in favor of the U.S. dollar for now, any signals of intervention from Japanese authorities could alter the landscape quickly, especially as the pair approaches levels around 150.00, which have previously drawn government scrutiny. For traders, the current climb above 147.00 signifies a pivotal moment that could either lead to a further rally or spark a reversal if resistance holds firm.

About Ezekiel Chew​

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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USD/JPY Climbs Above 147.00 as Geopolitical Tensions Boost Dollar Demand

4.0
Overall Trust Index

Written by:

Updated:

October 3, 2024
The USD/JPY rose above the 147.00 mark on Thursday, reaching its highest level since September. At the time of writing, the pair is trading at 146.92, up 0.31% for the day. Investors are flocking to safe-haven assets amid growing tensions in the Middle East, which has strengthened demand for the U.S. dollar. The latest escalation in regional conflict has prompted traders to seek stability, propelling the Greenback higher as a preferred haven. As war drums beat louder, the yen continues to weaken under the weight of the Bank of Japan’s ultra-loose monetary policy, while the Federal Reserve maintains its hawkish stance, creating a stark contrast in monetary approaches.
USD/JPY Price Action Daily Chart from FXStreet, TradingView as of October 3rd, 2024
From a technical perspective, the USD/JPY remains in a bullish mode. The Relative Strength Index (RSI) shows upward momentum, signaling that the path of least resistance is still higher. For further gains, the pair will need to break past the top of the Kumo cloud at 147.25. Clearing this hurdle could pave the way for the next targets at 147.78, and ultimately the psychological resistance at 148.00. Beyond these levels, a move toward the 200-day Moving Average at 151.02 could come into play, signaling a significant continuation of the uptrend. However, risks remain. Should the pair lose steam, immediate support sits around the 50-day Moving Average at 145.38, with additional support expected near the 145.00 level. A deeper retracement could bring the Senkou Span A at 143.93 into focus as a major support level. While the market remains in favor of the U.S. dollar for now, any signals of intervention from Japanese authorities could alter the landscape quickly, especially as the pair approaches levels around 150.00, which have previously drawn government scrutiny. For traders, the current climb above 147.00 signifies a pivotal moment that could either lead to a further rally or spark a reversal if resistance holds firm.
ezekiel chew asiaforexmentor

About Ezekiel Chew

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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