The USD/JPY pair climbed above 156.50 as buyers pushed prices above the Ichimoku Cloud. Resistance levels are seen at the June 4 high of 156.48, 157.00, April 26 high of 158.44, and the year-to-date high of 160.32. On the downside, supports are found at Senkou Span A and B at 155.52/45, the 50-day moving average at 154.98, and the Ichimoku Cloud base at 153.40/50.
Following a stronger-than-expected US employment report, the USD/JPY pair registered modest gains of 0.66% on Friday, trading at 156.64 after bouncing off lows of 155.12. The pair remains consolidated with a slight tilt to the upside on the daily chart. Momentum has turned bullish, but there may be increased volatility due to potential intervention by Japanese authorities.
If USD/JPY surpasses the June 4 high, it could move towards 157.00, then target the April 26 high and the year-to-date high. Conversely, a drop below 156.00 could find support at the Senkou Span levels and the 50-day moving average before potentially testing the bottom of the Ichimoku Cloud.
In currency market news, the Japanese Yen was strongest against the New Zealand Dollar today. The percentage changes of major currencies against the Japanese Yen and other currencies are shown in the table. The heat map displays these percentage changes for easy reference.