Usd/jpy. Give me prediction and analysis for the next 2 hours
10/12/2024 00:55am
**USD/JPY Prediction and Analysis for the Next 2 Hours**
1. **Technical Analysis**:
- The USD/JPY pair is currently trading with a mild negative bias after retreating from the highest level since August early this Thursday.
- The Relative Strength Index (RSI) suggests room for further upside, with the August 15 high of 149.39 and 150.00 as the next targets.
- Key support lies at 147.35, with sellers aiming to push the pair below the Ichimoku Cloud at 146.40-60 and the Tenkan-Sen at 145.50.
2. **Fundamental Analysis**:
- The Bank of Japan's (BoJ) rate hike uncertainty might cap the Japanese Yen (JPY) and help limit losses for the US Dollar (USD).
- Investors are awaiting the US CPI report, which could influence the USD's strength and subsequently the USD/JPY pair.
- The USD/JPY has seen volatile trading due to various geopolitical factors and policy expectations.
3. **Short-Term Outlook**:
- The pair is neutral to upward biased after clearing key resistance levels.
- Bullish momentum is indicated by the RSI, suggesting room for further upside.
- However, the recent pullback and the uncertainty surrounding the BoJ's rate hike plans suggest a cautious approach.
4. **Potential Price Levels**:
- If the USD/JPY extends its gains above 149.14, the 150.00 figure will be exposed.
- On the downside, a drop below 148.00 could signal further downside, with key support at 147.00 and the bottom of the Ichimoku Cloud at 146.90-147.00.
5. **Market Sentiment**:
- The sentiment is mixed with bullish and bearish indicators coexisting.
- The recent rally was sponsored by the jump in US Treasury yields and dovish comments from incoming PM Ishiba.
6. **Conclusion**: The USD/JPY is likely to experience fluctuations within the stated support and resistance levels in the next two hours. The outcome will depend on the US CPI report and any updates on the BoJ's rate hike plans. If the USD/JPY breaks above 149.14, it could test 150.00; conversely, a drop below 148.00 could test the Ichimoku Cloud and Tenkan-Sen levels.