Market Analysis: USD/JPY DipsMarket Analysis: USD/JPY Dips
USD/JPY is declining and showing bearish signs below the 154.00 level.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY is trading in a bearish zone below the 155.00 and 154.00 levels.
- There is a major bearish trend line forming with resistance near 153.60 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a steady decline from well above the 155.00 zone. The US Dollar gained bearish momentum below the 154.00 support against the Japanese Yen.
The pair even settled below the 153.60 level and the 50-hour simple moving average. A low was formed at 152.33 and the pair is now showing bearish signs. On the downside, the first major support is near 152.20.
The next major support is near the 151.50 level. If there is a close below 151.50, the pair could decline steadily. In the stated case, the pair might drop toward the 150.00 support. Any more losses might send the pair toward 148.00.
Immediate resistance on the USD/JPY chart is near the 23.6% Fib retracement level of the downward move from the 155.88 swing high to the 152.33 low.
The first major resistance is near a bearish trend line at 153.60. If there is a close above the 153.60 level and the hourly RSI moves above 50, the pair could rise toward 154.10 or the 50% Fib retracement level of the downward move from the 155.88 swing high to the 152.33 low.
The next major resistance is near 155.05, above which the pair could test 155.00 in the coming days.
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