Hovers around the psychological support of 150.00 on Wednesday

• USD/JPY could break below immediate support at the 150.00 psychological level.
• A break below a nine-day EMA at 149.81 could lead the pair to test the major support at 149.50.
• Technical indicators suggest a confirmation of the bullish trend for the pair.

USD/JPY seems to remain in the negative territory for the third consecutive day. The USD/JPY pair hovers near 150.10 during the European session on Wednesday. The immediate support appears at the psychological level of 150.00.

A break below the latter could impact the USD/JPY pair to test the nine-day Exponential Moving Average (EMA) at 149.81 followed by the major support at 149.50. If the pair breaks the major support, it could approach the psychological support zone around the 149.00 level following the 23.6% Fibonacci retracement level of 148.50.

However, the technical analysis for the USD/JPY pair suggests a bullish momentum as the 14-day Relative Strength Index (RSI) is positioned above the 50 level. Additionally, the lagging indicator of the Moving Average Convergence Divergence (MACD) signals a confirmation of the bullish trend, with the MACD line positioned above the centerline and the signal line.

On the upside, the USD/JPY pair could find the resistance zone around the weekly high at 150.43 and the major barrier at 150.50 level. A breakthrough above this zone could lead the pair to revisit February’s high at 150.88 followed by the psychological resistance level of 151.00.

USD/JPY: Daily Chart