USD/JPY Nosedives
USD/JPY is declining and showing bearish signs below the 141.20 level.
Important Takeaways for USD/JPY Analysis Today
· USD/JPY is trading in a bearish zone below the 141.20 and 140.20 levels.
· There is a major bearish trend line forming with resistance near 140.20 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a strong decline well above the 143.50 zone. The US Dollar gained bearish momentum below the 142.15 support against the Japanese Yen.
The pair even settled below the 141.20 level and the 50-hour simple moving average. Finally, it broke the 140.00 pivot level. A low is formed near 139.38 and the pair is now showing a lot of bearish signs. Immediate resistance on the USD/JPY chart is near a bearish trend line at 140.20.
The 23.6% Fib retracement level of the downward move from the 143.00 swing high to the 139.38 low is also near 140.20. The first major resistance is near the 50-hour simple moving average at 141.20.
If there is a close above the 141.20 level and RSI moves above 50, the pair could rise toward the 76.4% Fib retracement level of the downward move from the 143.00 swing high to the 139.38 low at 142.15. The next major resistance is near 143.50, above which the pair could test 144.00 in the coming days.
On the downside, the first major support is near 139.35. The next major support is near the 139.00 level. If there is a close below 139.00, the pair could decline steadily. In the stated case, the pair might drop toward the 137.50 support.
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 is trading in a bearish zone below the 141.20 and 140.20 levels.
· There is a major bearish trend line forming with resistance near 140.20 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a strong decline well above the 143.50 zone. The US Dollar gained bearish momentum below the 142.15 support against the Japanese Yen.
The pair even settled below the 141.20 level and the 50-hour simple moving average. Finally, it broke the 140.00 pivot level. A low is formed near 139.38 and the pair is now showing a lot of bearish signs. Immediate resistance on the USD/JPY chart is near a bearish trend line at 140.20.
The 23.6% Fib retracement level of the downward move from the 143.00 swing high to the 139.38 low is also near 140.20. The first major resistance is near the 50-hour simple moving average at 141.20.
If there is a close above the 141.20 level and RSI moves above 50, the pair could rise toward the 76.4% Fib retracement level of the downward move from the 143.00 swing high to the 139.38 low at 142.15. The next major resistance is near 143.50, above which the pair could test 144.00 in the coming days.
On the downside, the first major support is near 139.35. The next major support is near the 139.00 level. If there is a close below 139.00, the pair could decline steadily. In the stated case, the pair might drop toward the 137.50 support.
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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