The USD/JPY pair experiences a decline after failing to break above the 148.00 resistance level, continuing its downward trend below 147.00. Bearish momentum intensifies, with the Relative Strength Index (RSI) nearing oversold territory, indicating the potential for further decreases in the pair’s value.
Key support levels to watch below 146.00 include 145.44, 144.28, and 143.61, while resistance targets above 147.00 are at 147.89 and 148.45.
Technical Outlook for USD/JPY
Despite a brief recovery, the USD/JPY remains bearish, with recent attempts to surpass the 148.00 resistance failing. The pair’s retreat below 147.00 was triggered by the inability of buyers to break the weekly high of 147.89.
Currently, momentum is on the bearish side, although the RSI suggests a potential reversal. If the pair drops below 146.00, expect challenges at 145.44, 144.28, and 143.61. On the upside, breaking above 147.00 could lead to resistance at 147.89 and 148.45.
USD/JPY Price Action – Daily Chart
Analysis and Implications
The USD/JPY pair is currently facing downward pressure after failing to overcome key resistance levels. The bearish momentum suggests a potential for further declines in the pair’s value, with support levels at 145.44, 144.28, and 143.61. On the other hand, a breakout above 147.00 could lead to resistance at 147.89 and 148.45.
For investors and traders, it is essential to monitor these support and resistance levels closely to make informed decisions about their positions in the USD/JPY pair. The technical outlook indicates a bearish bias, but with the RSI signaling a possible reversal, staying vigilant and adaptable to market conditions is crucial for navigating the current volatility in the forex market.