USD/JPY Price Forecast: Stalls below 150.00 as Yen recovers from earlier losses

• USD/JPY ends flat at 149.38, erasing a 0.54% loss as safe-haven flows boost the Yen late in the session.
• 'Gravestone doji' pattern forms, signaling momentum shift to the downside, with first support at 149.00.
• A break above 150.00 could trigger gains toward 150.67, but RSI flattening suggests limited upside potential.

The USD/jPY finished Tuesday's session with anemic gains of 0.04%. The session was characterized by overall Japanese Yen (JPY) weakness until its safe-haven status boosted the Yen to trim earlier losses of 0.54%. As Wednesday's Asian session begins, the pair trades at 149,38, virtually unchanged.

USD/JPY Price Forecast: Technical outlook

The USD/JPY rallied over 2.32% since bottoming around March 11 low of 146.54 and hit a high of 149.93 on March 18 before pulling back to current spot prices. Sellers moved late in yesterday's session, helping to overcome earlier buying pressure. Therefore a 'gravestone doji' formed, hinting that momentum has shifted to the downside.

The Relative Strength Index (RSI) aims slightly up, but the slope flattened somewhat, which could indicate a bearish continuation.

The USD/JPY first support would be the 149.00 figure. A breach of the latter will expose the Tenkan-sen at 148.20, closely followed by the March 14 low of 147.76. Conversely, if buyers push the pair above 150.00, this will expose the Kijun-sen at 150.67 before testing the 200-day Simple Moving Average (SMA) at 151.91.

USD/JPY Price Chart - Daily