USD/JPY has extended its decline, now testing the 61.8% Fibonacci retracement level near 146.95, a key support zone. The pair remains under pressure after failing to reclaim 151.50, where the 38.2% retracement and the 200-day EMA converge.
Key Technical Observations:
USD/JPY is at a critical juncture. Holding 146.95 could trigger a short-term rebound, but failure to do so would reinforce the bearish case, targeting the mid-143s. Bulls need to reclaim at least 149.20 to shift the structure back toward neutral.
-MW
Key Technical Observations:
- Fibonacci Support Test: The 61.8% retracement level is being challenged, making this a critical decision point. A confirmed breakdown below 146.95 could open the door toward 143.70 (78.6% retracement).
- Bearish EMAs: The 50-day EMA and 200-day EMA are sloping downward, reinforcing the bearish momentum.
Momentum Indicators: - RSI is approaching oversold levels, suggesting a short-term bounce could emerge. However, the broader trend remains weak.
- MACD remains in negative territory, signaling continued downside pressure.
Key Levels to Watch: - Support: 146.95 (61.8% retracement), 143.70 (78.6% retracement).
- Resistance: 149.20 (50% retracement) and 151.50 (200-day EMA & 38.2% retracement).
USD/JPY is at a critical juncture. Holding 146.95 could trigger a short-term rebound, but failure to do so would reinforce the bearish case, targeting the mid-143s. Bulls need to reclaim at least 149.20 to shift the structure back toward neutral.
-MW
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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.