USDJPY corrects after a series of winning recovery days?
Hello dear friends.
Overall, USDJPY remains stable at a high level. Strong support at 150.00 cannot cause USDJPY to break out of 152.00 and towards the ultimate target of 150.00. Currently, USDJPY is trading at a new high of 151.34, marking a 0.02% gain on the day.
However, investors still lack motivation to push prices back up. With the current trend, I expect the price to retrace, which shows that buyers are gradually leaving the market. There is evidence that once a resistance level is reached, it will continue its downward movement, as indicated by the unchanged EMA.
Meanwhile, in terms of technical analysis: Both short-term and medium-term prospects show that the downtrend is gradually strengthening. The relative strength index (RSI) is trending down above the bullish zone, suggesting a potential momentum shift and potential correction for the pair. Using Fibonacci measurements, if a correction occurs, the next USDJPY targets will be 0.786 (135.52) and 0.618 (122.62 price level).
What do you think about USDJPY?
Overall, USDJPY remains stable at a high level. Strong support at 150.00 cannot cause USDJPY to break out of 152.00 and towards the ultimate target of 150.00. Currently, USDJPY is trading at a new high of 151.34, marking a 0.02% gain on the day.
However, investors still lack motivation to push prices back up. With the current trend, I expect the price to retrace, which shows that buyers are gradually leaving the market. There is evidence that once a resistance level is reached, it will continue its downward movement, as indicated by the unchanged EMA.
Meanwhile, in terms of technical analysis: Both short-term and medium-term prospects show that the downtrend is gradually strengthening. The relative strength index (RSI) is trending down above the bullish zone, suggesting a potential momentum shift and potential correction for the pair. Using Fibonacci measurements, if a correction occurs, the next USDJPY targets will be 0.786 (135.52) and 0.618 (122.62 price level).
What do you think about USDJPY?
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Comment:
The Japanese Yen continues to be undermined by the BoJ’s cautious stance and the risk-on mood. Intervention fears limit further JPY losses and cap the USD/JPY pair amid a modest USD weakness. The US PCE Price Index keeps a June rate cut by the Fed on the table and undermines the Greenback.
