Market Analysis: USD/JPY Trims Gains
Market Analysis: USD/JPY Trims Gains
USD/JPY is correcting gains and might test the 144.15 support in the near term.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY struggled near 147.20 and recently started a downside correction.
- There was a break below a major bullish trend line with support at 145.80 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a decent increase from the 144.00 zone. The US Dollar gained bullish momentum above 145.50 against the Japanese Yen.
The pair even climbed above 147.00 before the bears appeared near 147.20. As a result, the pair started a downside correction below the 50-hour simple moving average and 146.00. There was a break below a major bullish trend line with support at 145.80.
The pair tested the 145.00 zone. A low was formed at 144.89 and the pair is now consolidating losses. Immediate resistance on the USD/JPY chartis near the 23.6% Fib retracement level of the downward move from the 147.20 swing high to the 144.89 low.
The first major resistance is near the 50% Fib retracement level of the downward move from the 147.20 swing high to the 144.89 low at 146.05. If there is a close above the 146.05 level and the RSI moves above 50, the pair could rise toward 146.65.
The next major resistance is near 147.20, above which the pair could test 148.00 in the coming days. On the downside, the first major support is near the 145.05 level.
A downside break below the 145.05 support might spark strong bearish moves. The next major support is near 144.15. If there is a close below 144.15, the pair could decline steadily. In the stated case, the pair might drop toward 143.20. The next stop for the bears may perhaps be near the 142.50 zone.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
USD/JPY is correcting gains and might test the 144.15 support in the near term.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY struggled near 147.20 and recently started a downside correction.
- There was a break below a major bullish trend line with support at 145.80 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a decent increase from the 144.00 zone. The US Dollar gained bullish momentum above 145.50 against the Japanese Yen.
The pair even climbed above 147.00 before the bears appeared near 147.20. As a result, the pair started a downside correction below the 50-hour simple moving average and 146.00. There was a break below a major bullish trend line with support at 145.80.
The pair tested the 145.00 zone. A low was formed at 144.89 and the pair is now consolidating losses. Immediate resistance on the USD/JPY chartis near the 23.6% Fib retracement level of the downward move from the 147.20 swing high to the 144.89 low.
The first major resistance is near the 50% Fib retracement level of the downward move from the 147.20 swing high to the 144.89 low at 146.05. If there is a close above the 146.05 level and the RSI moves above 50, the pair could rise toward 146.65.
The next major resistance is near 147.20, above which the pair could test 148.00 in the coming days. On the downside, the first major support is near the 145.05 level.
A downside break below the 145.05 support might spark strong bearish moves. The next major support is near 144.15. If there is a close below 144.15, the pair could decline steadily. In the stated case, the pair might drop toward 143.20. The next stop for the bears may perhaps be near the 142.50 zone.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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