Market Analysis: USD/JPY Nosedives
USD/JPY is declining and showing bearish signs below the 148.20 level.
Important Takeaways for USD/JPY Analysis Today
· USD/JPY is trading in a bearish zone below the 148.20 and 147.40 levels.
· There is a major bearish trend line forming with resistance near 147.40 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a strong decline well above the 148.95 zone. The US Dollar gained bearish momentum below the 148.20 support against the Japanese Yen.
The pair even settled below the 147.40 level and the 50-hour simple moving average. Finally, it broke the 146.80 pivot level. A low is formed near 146.67 and the pair is now showing a lot of bearish signs. Immediate resistance on the USD/JPY chart is near 147.40.
There is also a major bearish trend line forming with resistance near 147.40. The trend line is close to the 23.6% Fib retracement level of the downward move from the 149.67 swing high to the 146.67 low.
The first major resistance is near the 50% Fib retracement level of the downward move from the 149.67 swing high to the 146.67 low at 148.20 and the 50-hour simple moving average.
If there is a close above the 148.20 level and the hourly RSI moves above 50, the pair could rise toward 148.95. The next major resistance is near 149.65, above which the pair could test 150.00 in the coming days.
On the downside, the first major support is near 146.65. The next major support is near the 146.20 level. If there is a close below 146.20, the pair could decline steadily. In the stated case, the pair might drop toward the 145.00 support.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Important Takeaways for USD/JPY Analysis Today
· USD/JPY is trading in a bearish zone below the 148.20 and 147.40 levels.
· There is a major bearish trend line forming with resistance near 147.40 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a strong decline well above the 148.95 zone. The US Dollar gained bearish momentum below the 148.20 support against the Japanese Yen.
The pair even settled below the 147.40 level and the 50-hour simple moving average. Finally, it broke the 146.80 pivot level. A low is formed near 146.67 and the pair is now showing a lot of bearish signs. Immediate resistance on the USD/JPY chart is near 147.40.
There is also a major bearish trend line forming with resistance near 147.40. The trend line is close to the 23.6% Fib retracement level of the downward move from the 149.67 swing high to the 146.67 low.
The first major resistance is near the 50% Fib retracement level of the downward move from the 149.67 swing high to the 146.67 low at 148.20 and the 50-hour simple moving average.
If there is a close above the 148.20 level and the hourly RSI moves above 50, the pair could rise toward 148.95. The next major resistance is near 149.65, above which the pair could test 150.00 in the coming days.
On the downside, the first major support is near 146.65. The next major support is near the 146.20 level. If there is a close below 146.20, the pair could decline steadily. In the stated case, the pair might drop toward the 145.00 support.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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