Market Analysis: While USD/JPY Dips
Market Analysis: While USD/JPY Dips
USD/JPY is declining and showing bearish signs below the 150.40 level.
Important Takeaways for USD/JPY Analysis Today
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a steady decline well above the 150.80 zone. The US Dollar gained bearish momentum below the 150.40 support against the Japanese Yen.
The pair even settled below the 150.00 level and the 50-hour simple moving average. There was a spike below the 50% Fib retracement level of the upward move from the 148.92 swing low to the 150.88 high.
On the downside, the first major support is near 149.65. It is close to the 61.8% Fib retracement level of the upward move from the 148.92 swing low to the 150.88 high. The next major support is near the 149.40 level.
If there is a close below 141.90, the pair could decline steadily. In the stated case, the pair might drop toward the 148.90 support.
Immediate resistance on the USD/JPY chart is near the 50-hour simple moving average. The first major resistance is near a bearish trend line at 150.15. If there is a close above the 150.15 level and the hourly RSI moves above 50, the pair could rise toward 150.40. The next major resistance is near 150.90, above which the pair could test 152.50 in the coming days.
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.
USD/JPY is declining and showing bearish signs below the 150.40 level.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY is trading in a bearish zone below the 150.40 and 150.15 levels.
- There is a major bearish trend line forming with resistance near 150.15 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a steady decline well above the 150.80 zone. The US Dollar gained bearish momentum below the 150.40 support against the Japanese Yen.
The pair even settled below the 150.00 level and the 50-hour simple moving average. There was a spike below the 50% Fib retracement level of the upward move from the 148.92 swing low to the 150.88 high.
On the downside, the first major support is near 149.65. It is close to the 61.8% Fib retracement level of the upward move from the 148.92 swing low to the 150.88 high. The next major support is near the 149.40 level.
If there is a close below 141.90, the pair could decline steadily. In the stated case, the pair might drop toward the 148.90 support.
Immediate resistance on the USD/JPY chart is near the 50-hour simple moving average. The first major resistance is near a bearish trend line at 150.15. If there is a close above the 150.15 level and the hourly RSI moves above 50, the pair could rise toward 150.40. The next major resistance is near 150.90, above which the pair could test 152.50 in the coming days.
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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