USD/JPY: Bearish Pressure Below 147.000 USD Resistance
The H4 chart of USD/JPY shows the pair trading under a descending trendline with consecutively lower highs.
The 34-day EMA currently sits at 145.707 USD, near the lower support level, serving as strong support if the price continues to decline.
The MACD indicator shows divergence between the MACD line and the signal line, indicating weakening bullish momentum, reinforcing the likelihood of a price correction.
Traders might consider selling if the price tests the resistance around 147.000 USD but fails to break through. A take-profit could be set near the 145.000 USD support with a stop-loss slightly above the previous high to minimize risk.
On the news front: U.S. economic data, especially the upcoming Nonfarm Payrolls report, will significantly impact USD/JPY. Positive data could strengthen the USD, supporting the pair's bullish trend.
The 34-day EMA currently sits at 145.707 USD, near the lower support level, serving as strong support if the price continues to decline.
The MACD indicator shows divergence between the MACD line and the signal line, indicating weakening bullish momentum, reinforcing the likelihood of a price correction.
Traders might consider selling if the price tests the resistance around 147.000 USD but fails to break through. A take-profit could be set near the 145.000 USD support with a stop-loss slightly above the previous high to minimize risk.
On the news front: U.S. economic data, especially the upcoming Nonfarm Payrolls report, will significantly impact USD/JPY. Positive data could strengthen the USD, supporting the pair's bullish trend.
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