USD/JPY Price Forecast: Rises past 149.00 as traders eye key resistance

• USD/JPY climbs 0.34%, extending its two-day rally, with buyers eyeing the critical 150.00 level.
• US Retail Sales data impresses, but weak manufacturing figures cast doubts on economic momentum.
• Technical outlook: A daily close above 150.00 could open the door to 150.67, while support lies at 149.00.

The USD/JPY rose for the second straight day, climbing past the 149.00 figure late in Monday after US economic data was mixed, following good Retail Sales data and a dismal New York Fed Empire State Manufacturing Index report. At the time of writing, the pair gains over 0.34%.

USD/JPY Price Forecast: Technical outlook

The USD/JPY is downward biased despite rebounding near 146.50. This exacerbated a 250-pip rally capped by the Tenkan-sen dynamic resistance at 148.36. Although the latter has been cleared, buyers cannot conquer the next key ceiling level, which is seen at 150.00.

A daily close above the latter could drive the USD/JPY toward the Senkou Span A at 149.51, followed by the Kijun-sen at 150.67.

On the other hand, if USD/JPY struggles at 150.00, the first support is 149.00. On further weakness, sellers could push the exchange rate toward the Tenkan-sen at 148.36, ahead of 148.00, followed by the March 13 low of 147.41.

USD/JPY Price Chart - Daily