USD/JPY Price Forecast:  Soars past 146.00 boosted by US yields

• USD/JPY maintains a downward bias, needing to break key resistances for a bullish shift.
• Short-term buyer momentum faces obstacles at 146.93 (Senkou Span A) and 148.46 (Kijun-Sen), with an eye on the 149.39 peak.
• Mixed RSI signals suggest short-term buyer dominance but an unclear broader trend.
• A drop below 145.39 (Tenkan-Sen) could trigger further losses, with supports at 143.44 (August 26 low) and 141.69 (August 5 low).

The USD/JPY rallied past the 146.00 figure for the first time of the week, as US Treasury bond yields rose sharply following the release of the Fed's favorite inflation report. The US 10-year Treasury note yield rose four and a half basis points to 3.909%, underpinning the major towards 146.17 after bouncing off daily lows of 145.56.

USD/JPY Price Forecast:  Technical outlook

The USD/JPY is downward biased despite surpassing above the Tenkan-Sen lying at 145.39. The Relative Strength Index (RSI) shows that momentum is mixed, with the indicator being at bearish territory but aiming up.

Short-term buyers are in charge, but they must push the USD/JPY spot price above the Senkou Span A at 146.93 and clear the Kijun-Sen at 148.46 before they can clear the latest cycle high at 149.39, the August 15 daily high.

Conversely, a USD/JPY move below the Tenkan-Sen will expose the latest cycle low, seen at 143.44, the August 26 low. The pair could extend its losses past that level, and sellers could target August 5 through 141.69.

USD/JPY Price Action - Daily Chart