USD/JPY starts Friday steady near 147.90 following Thursday’s 0.30% drop, pressured by unresolved US trade tensions.
Pair fails to capitalize on recent bullish ‘tweezers bottom’ pattern near YTD lows, remaining vulnerable below key Tenkan-sen resistance.
Break below immediate support at 146.54 could spark deeper selling; reclaiming 148.00 may pave way toward 149.79 resistance.
The USD/JPY begins Frida’s Asian session on a higher note, following Thursday’s losses of 0.305, that pushed the exchange rate to close at 147.81 daily. At the time of writing, the pair trades at 147.91, virtually unchanged, as traders continued to digest US President Donald Trump's tariff rhetoric.
USD/JPY Price Forecast: Technical outlook
Even though the USD/JPY formed a ‘tweezers bottom’ two candle chart pattern near the year-to-date (YTD) low of 146.54, two days ago, the pair failed to decisively clear the Tenkan-sen at 148.97, which opened the door for a retracement.
Consequently, the USD/JPY fell beneath 148.00 and continued to drop, aligned with the overall market. If the pair falls below the latter, the next support would be the March 11 swing low of 146.54.
Conversely, if USD/JPY climbs above 148.00 a rally towards testing the Senkou Span A at 149.79 is on the cards.
USDJPY Price Chart: Technical outlook
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