USDJPY (1H) – short term bearish bias
Looks like the greenback could not get pass the gatekeeper at the daily resistance level of 109.30. The doji following the Fed’s interest rate cut was a sign that the recovery was about to end. The hourly chart clearly showed a RSI divergence suggesting a loss of momentum in the previous rally. The bearish MA cross and the break of the support at 108.65 are confirmation that the dollar could extend its post-FOMC losses. We expect the price to drop towards 108.50 then 108.20 as the next targets.
Key support: 108.20
Key resistance: 108.90
Looks like the greenback could not get pass the gatekeeper at the daily resistance level of 109.30. The doji following the Fed’s interest rate cut was a sign that the recovery was about to end. The hourly chart clearly showed a RSI divergence suggesting a loss of momentum in the previous rally. The bearish MA cross and the break of the support at 108.65 are confirmation that the dollar could extend its post-FOMC losses. We expect the price to drop towards 108.50 then 108.20 as the next targets.
Key support: 108.20
Key resistance: 108.90
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.