The USDJPY is plummeting to lower levels
The USDJPY currency pair on the 4 hours chart has been in a downtrend since 02 December 2019 when it registered the highest price level of the period under study at 109.724. Since then, the currency pair has been forming successfully lower bottoms and lower tops. At time of writing, the USDJPY is moving around 108.609 below the 20-period and 40-period simple moving average respectively.
Additionally, the oscillator analysis indicates negative sentiment for the USDJPY. The 14 period RSI Oscillator (Relative Strength Index) is below the 50 level - a fact that shows that the sellers are control of the market. The 23 period Momentum Oscillator is also below the 100 mark, which illustrates bearish movement in the currency pair.
When attaching the Fibonacci Retracement tool from the bottom at 108.922 and dragging it to the top at 109.203, three price targets may be calculated. The first target level is projected at 108.748 (161.8%), which has been successfully reached. The second target level is estimated at 108.467 (261.8%), which has been achieved. The third target level is forecast at 108.013 (423.6.8%).
It remains to be seen how much lower the bears will manage to push the price of the USDJPY.
Additionally, the oscillator analysis indicates negative sentiment for the USDJPY. The 14 period RSI Oscillator (Relative Strength Index) is below the 50 level - a fact that shows that the sellers are control of the market. The 23 period Momentum Oscillator is also below the 100 mark, which illustrates bearish movement in the currency pair.
When attaching the Fibonacci Retracement tool from the bottom at 108.922 and dragging it to the top at 109.203, three price targets may be calculated. The first target level is projected at 108.748 (161.8%), which has been successfully reached. The second target level is estimated at 108.467 (261.8%), which has been achieved. The third target level is forecast at 108.013 (423.6.8%).
It remains to be seen how much lower the bears will manage to push the price of the USDJPY.