USD/JPY Corrects Lower
USD/JPY is correcting gains and might test the 144.90 support in the near term.
Important Takeaways for USD/JPY Analysis Today
· USD/JPY struggled near 146.40 and recently started a downside correction.
· There is a major bearish trend line forming with resistance near 145.85 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 145.00 zone. The US Dollar gained bullish momentum above 145.50 against the Japanese Yen.
The pair even climbed above 146.00 before the bears appeared near 146.40. As a result, the pair started a downside correction below the 50-hour simple moving average and 143.00. There was a move below the 50% Fib retracement level of the upward move from the 144.92 swing low to the 146.40 high.
Besides, there is a major bearish trend line forming with resistance near 145.85. On the downside, the first major support is near the 61.8% Fib retracement level of the upward move from the 144.92 swing low to the 146.40 high at 145.50.
A downside break below the 145.50 support might spark strong bearish moves. The next major support is near 144.90. If there is a close below 144.90, the pair could decline steadily.
In the stated case, the pair might drop toward 144.20. The next stop for the bears may perhaps be near the 143.50 zone. Immediate resistance on the USD/JPY chart is near the 50-hour simple moving average and the trend line at 145.85.
If there is a close above the 145.85 level and RSI moves above 50, the pair could rise toward 146.05. The next major resistance is near 146.40, above which the pair could test 148.00 in the coming days.
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.
Important Takeaways for USD/JPY Analysis Today
· USD/JPY struggled near 146.40 and recently started a downside correction.
· There is a major bearish trend line forming with resistance near 145.85 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 145.00 zone. The US Dollar gained bullish momentum above 145.50 against the Japanese Yen.
The pair even climbed above 146.00 before the bears appeared near 146.40. As a result, the pair started a downside correction below the 50-hour simple moving average and 143.00. There was a move below the 50% Fib retracement level of the upward move from the 144.92 swing low to the 146.40 high.
Besides, there is a major bearish trend line forming with resistance near 145.85. On the downside, the first major support is near the 61.8% Fib retracement level of the upward move from the 144.92 swing low to the 146.40 high at 145.50.
A downside break below the 145.50 support might spark strong bearish moves. The next major support is near 144.90. If there is a close below 144.90, the pair could decline steadily.
In the stated case, the pair might drop toward 144.20. The next stop for the bears may perhaps be near the 143.50 zone. Immediate resistance on the USD/JPY chart is near the 50-hour simple moving average and the trend line at 145.85.
If there is a close above the 145.85 level and RSI moves above 50, the pair could rise toward 146.05. The next major resistance is near 146.40, above which the pair could test 148.00 in the coming days.
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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