USDJPY Favors Bearish View
On Friday, the USD/JPY is trading at around 142.30. An analysis of the daily chart shows that the pair is in a consolidation phase within a descending channel, which favors a bearish view. Moreover, the 14 - day Relative Strength Index (RSI) stays below the 50 - level, reaffirming the existing bearish perspective.
Looking at the downside, the USD/JPY pair could encounter immediate support at 139.58, which represents the lowest level since June 2023. After that, there is the lower limit of the descending channel close to 137.50.
Regarding the resistance, the 21 - day Exponential Moving Average (EMA) at the 143.56 level serves as an initial hurdle. Subsequently, there is the upper limit of the descending channel around the 144.80 level.
Looking at the downside, the USD/JPY pair could encounter immediate support at 139.58, which represents the lowest level since June 2023. After that, there is the lower limit of the descending channel close to 137.50.
Regarding the resistance, the 21 - day Exponential Moving Average (EMA) at the 143.56 level serves as an initial hurdle. Subsequently, there is the upper limit of the descending channel around the 144.80 level.
Note
USD/JPY Tests 143.85 Near the Upper Boundary of the Descending Channel.
On Monday, USD/JPY is trading around 143.85. According to daily chart analysis, the pair is moving upward within a descending channel. A break above the upper level of this channel would result in a shift in momentum from bearish to bullish. Additionally, the 14-day Relative Strength Index (RSI) is marginally below the 50 level. A break above this threshold might signal the emergence of bullish sentiment.
On the upside, the immediate resistance is observed at the upper boundary of the descending channel around the 144.70 level. A breakthrough above this level could enable the USD/JPY pair to test the psychological level of 145.00.
On the downside, the USD/JPY pair might test the 21-day Exponential Moving Average (EMA) at the 143.76 level, followed by the nine-day EMA at the 143.00 level. A break below the latter could push the pair to revisit 139.58, which is the lowest level since June 2023.
Note
9.24 News Update
BOJ GOVERNOR UEDA: SUITABLE TO INCREASE RATES IF TREND INFLATION RISES AS PREDICTED
BOJ GOVERNOR UEDA: JAPAN'S REAL INTEREST RATE STAYS DEEPLY NEGATIVE, BOOSTING ECONOMY AND AIMING TO RAISE PRICES
BOJ GOVERNOR UEDA: IF TREND INFLATION REACHES AROUND 2%, ADJUSTING POLICY RATE TO NEUTRAL LEVELS IS DESIRABLE
BOJ GOVERNOR UEDA: INTEREST RATES TO RISE IF ECONOMY AND PRICES ALIGN WITH QUARTERLY OUTLOOK FORECASTS
According to MKTNews.net
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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.