USDJPY - BEAR STILL KILLING - But Be CarefullBe Careful with the hidden bulls at this level today Nov 21 2023.
As of the latest market activity, the USD/JPY pair has shown bearish sentiment after moving below the 149.00 level, which is near six-week lows, as per technical analysis reports. It's trading around 149.00 following a 23.6% Fibonacci retracement. Technical indicators are suggesting that there is a bearish sentiment to navigate.
Further technical analysis indicates that a weekly doji candle at 150.00 has provided a bearish signal, with market events triggering a “risk off” response. This may have been influenced by key US data that is expected later in the week, which will bring both the Japanese yen and the US dollar into focus. The yen is often considered a haven currency and could react to market sentiment and upcoming economic data.
On the more immediate horizon, the USD/JPY has seen sellers push the price back below 140.00, and it is showing an extension of that pullback, testing below the Fibonacci level at 139.59. The price remains above prior resistance with a few notable levels, including 138.75, which was last week's resistance.
The technical outlook highlights a break in the November opening range for USD/JPY, with potential exhaustion or price inflection into confluent support at the 147.68-148 range early in the week. There is also resistance at the weekly open eyed at 149.60, with bearish invalidation now set to the 2022 close-high.
Lastly, the USD/JPY failed to break through the 151.93 key resistance last week and has fallen sharply since. However, the downside has been contained by the 149.17 support so far, and the initial bias remains neutral for the start of this week.
These analyses suggest that traders should keep an eye on key support and resistance levels, with a bearish sentiment currently prevailing. Upcoming economic data releases and market sentiment will likely be significant drivers of the pair's movement in the near term. Investors should monitor these factors closely to inform their trading decisions.
Look my análisis and give me your opinion at comments
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