USD/JPY Takes Hit Post US CPI
USD/JPY is declining and showing bearish signs below the 151.00 level.
Important Takeaways for USD/JPY Analysis Today
· USD/JPY is trading in a bearish zone below the 151.00 and 150.70 levels.
· There was a break below a major bullish trend line with support at 151.65 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 151.80 zone. The US Dollar gained bearish momentum below the 151.50 support against the Japanese Yen.
There was a break below a major bullish trend line with support at 151.65. The pair even settled below the 151.00 level and the 50-hour simple moving average. Finally, it broke the 150.70 pivot level. A low is formed near 150.15 and the pair is now showing a lot of bearish signs.
It is trading near the 23.6% Fib retracement level of the downward move from the 151.90 swing high to the 150.15 low. Immediate resistance on the USD/JPY chart is near 150.70.
The first major resistance is near the 50% Fib retracement level of the downward move from the 151.90 swing high to the 150.15 low at 151.00. The main resistance is near the 50-hour simple moving average at 151.30.
If there is a close above the 151.30 level and the hourly RSI moves above 50, the pair could rise toward 151.90. The next major resistance is near 152.50, above which the pair could test 154.00 in the coming days.
On the downside, the first major support is near 150.40. The next major support is near the 150.15 level. If there is a close below 150.15, the pair could decline steadily. In the stated case, the pair might drop toward the 148.50 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 151.00 and 150.70 levels.
· There was a break below a major bullish trend line with support at 151.65 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 151.80 zone. The US Dollar gained bearish momentum below the 151.50 support against the Japanese Yen.
There was a break below a major bullish trend line with support at 151.65. The pair even settled below the 151.00 level and the 50-hour simple moving average. Finally, it broke the 150.70 pivot level. A low is formed near 150.15 and the pair is now showing a lot of bearish signs.
It is trading near the 23.6% Fib retracement level of the downward move from the 151.90 swing high to the 150.15 low. Immediate resistance on the USD/JPY chart is near 150.70.
The first major resistance is near the 50% Fib retracement level of the downward move from the 151.90 swing high to the 150.15 low at 151.00. The main resistance is near the 50-hour simple moving average at 151.30.
If there is a close above the 151.30 level and the hourly RSI moves above 50, the pair could rise toward 151.90. The next major resistance is near 152.50, above which the pair could test 154.00 in the coming days.
On the downside, the first major support is near 150.40. The next major support is near the 150.15 level. If there is a close below 150.15, the pair could decline steadily. In the stated case, the pair might drop toward the 148.50 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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