USDJPY: The correction and the opportunity of the sellers!

Sphyn-Trader Updated   
OANDA:USDJPY   U.S. Dollar / Japanese Yen
technical analysis:

The price line for USDJPY experienced a slight correction, leading to a decrease and breaking of the uptrend line. The Relative Strength Index (RSI) is currently below the average of 43.59 and maintaining its position at the support level. The Exponential Moving Average (EMA) with values of 34 and 89 is still above the price line, forming a dynamic resistance area. With these indicators, there is a high likelihood of a decrease in USDJPY.

Market analysis:

In the Tokyo session, the USD/JPY pair is trading back and forth below 140.00. However, it is anticipated that the asset will continue its downward trend since the USD Index's upward movement is expected to remain limited until the United States Employment data is released.

Following a lackluster Tuesday, the S&P500 futures have made marginal gains during the Asian session. The market sentiment appears to be subdued as investors anticipate the release of complete US labor market data.

Plan trade in the intro
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Trade closed: stop reached

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