USD/JPY Price Analysis: Advances above 150.00 as markets anticipate Fed minutes

• USD/JPY reaches 150.30, gaining ahead of key Fed meeting insights, maintaining an upward trajectory.
• Technical indicators highlight bullish stance, with potential resistance near 151.00 amid intervention concerns.
• Support levels at 149.91 and 149.15 to be tested if retreat below 150.00 occurs, signaling possible shifts.

The USD/JPY climb above the 150.00 figure extended its gains ahead of the release of the minutes of the lates Federal Reserve’s (Fed) meeting. At the time of writing, the pair trades at 150.30, up by 0.20%.

The daily chart portrays the pair as upward biased, sigting above the Ichimoku Cloud (Kumo) and above the Tenkan and Kijun-Sen. That along with Relative Strength Index (RSI) studies at bullish territory, would suggest the USD/JPY could test the 151.00 figure and beyond, if not for Japanese authorities threats to intervene the markets. A breach above 151.00 would expose last year’s high of 151.91.

Conversely, if USD/JPY drops below the 150.00 mark, that would exacerbate a test of the Tenkan-Sen at 149.91. Once cleared, the next support would be the Senkou Span A at 149.15, followed by the Kijun-Sen at 148.39.

USD/JPY Price Action – Daily Chart