USD/JPY Bulls Struggle to Break Above Key Resistance Level
PrimeXBT calls your attention to a technical analysis overview of USD/JPY.
Fundamental Daily Forecast :
The US Bureau of Labor Statistics on Friday reported that Nonfarm Payrolls in the US increased by 145,000 in December, missing analysts' estimate of 164,000. Additionally, wage inflation, as measured by the Average Hourly Earnings, dropped to 2.9% this past year from its previous levels of 3.1% to put further pressure on the greenback.
Technical Analysis:
Currently, USDJPY's price is currently caught between a strong supply and resistance zone. The price action combined with the Relative Strength Index is staying strong, but USDJPY has formed a bearish divergence, which often indicates that a trend reversal is forming from bullish to bearish, and a downtrend or valuation adjustment could soon follow.
Please, let us know what you think about USD/JPY in the comment section below.
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Fundamental Daily Forecast :
The US Bureau of Labor Statistics on Friday reported that Nonfarm Payrolls in the US increased by 145,000 in December, missing analysts' estimate of 164,000. Additionally, wage inflation, as measured by the Average Hourly Earnings, dropped to 2.9% this past year from its previous levels of 3.1% to put further pressure on the greenback.
Technical Analysis:
Currently, USDJPY's price is currently caught between a strong supply and resistance zone. The price action combined with the Relative Strength Index is staying strong, but USDJPY has formed a bearish divergence, which often indicates that a trend reversal is forming from bullish to bearish, and a downtrend or valuation adjustment could soon follow.
- Resistance-Target Level: 110.66
- Initial support zone: 109.005
- Resistance zone: 109.605 - 109.70
Please, let us know what you think about USD/JPY in the comment section below.
The best way to get consistent quality analysis is to follow us.
Trade active:
USD/JPY's already broken through the resistance level
Trade active:
Consolidation.
