USD/JPY will now probably drop down to around 150.00

7月20日

Technical Analysis of the U.S. Dollar / Japanese Yen (USD/JPY)

USD/JPY has shown a strong performance since the beginning of 2023, moving within a long-term uptrend.

The long-term uptrend has been taken, but now the exchange rate for USD/JPY is falling after testing the resistance level up against the upper trend line in the uptrend twice in recent months.

There has also recently been a break down from the short-term rising trend, and below an important technical support level around 158.00 (cf. chart).

There has also been a break below the 50-day moving average.

There is now technical resistance for USD/JPY around 158.00 and up against the 50-day moving average, and there is a test of this resistance level these days.

Based on the overall technical picture now for USD/JPY, further decline is signaled in the short term, and down to the 200-day moving average and down towards a significant and important technical support level around 150.00 - 152.00.

Down towards this level, i.e. around 150.00 - 152.00, there could be further upswing again within the long-term upward trend for USD/JPY, but in the short term now a further decline is signaled for USD/JPY to around 150.00 - 152.00.