Analysis of USD/JPY Price: Tests 14-month Lows; Break 140.00 lev
USD/JPY continues to decline for the fifth consecutive day, trading around 140.30 during the Asian session on Monday. An analysis of the daily chart showed the USD/JPY pair moves downward within a descending channel, indicating a confirmed bearish bias.
Furthermore, there is a downward momentum in the asset's price as indicated by the 72-day Exponential Moving Average (EMA), which is significantly above the market.
The USD/JPY pair breaks below 140.25, the lowest level since July 2023, and breaks through the psychological level of 140.00 in terms of support. The pair is under pressure to test the next support level at 137.390 as a result, which strengthens the bearish bias.
Upward, the 72-day moving average (EMA) at the level of 143.37 may present a hurdle for the USD/JPY pair. The bearish mood may lessen if the pair breaks above this EMA, which would lead it to target the upper resistance at 143.67.
Furthermore, there is a downward momentum in the asset's price as indicated by the 72-day Exponential Moving Average (EMA), which is significantly above the market.
The USD/JPY pair breaks below 140.25, the lowest level since July 2023, and breaks through the psychological level of 140.00 in terms of support. The pair is under pressure to test the next support level at 137.390 as a result, which strengthens the bearish bias.
Upward, the 72-day moving average (EMA) at the level of 143.37 may present a hurdle for the USD/JPY pair. The bearish mood may lessen if the pair breaks above this EMA, which would lead it to target the upper resistance at 143.67.
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