USD/JPY Turns Green
USD/JPY climbed higher above 141.00, but it might now correct gains in the near term.
Important Takeaways for USD/JPY Analysis Today
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a strong increase above the 140.00 resistance zone. The US Dollar gained bullish momentum above 141.00 against the Japanese Yen.
The pair tested the 142.00 zone, and a high was formed near 141.94. It is now correcting gains below the 50-hour simple moving average. USD/JPY is testing the 23.6% Fib retracement level of the upward move from the 137.68 swing low to the 141.94 high.
On the downside, the first major support is near 140.80. The next major support is near the 140.00 level or the 50% Fib retracement level of the upward move from the 137.68 swing low to the 141.94 high. If there is a close below 140.00, the pair could decline steadily.
In the stated case, the pair might drop toward 139.10. The next stop for the bears may perhaps be near the 138.00 pivot region.
Immediate resistance on the USD/JPY chart is near a bearish trend line at 141.35 and the 50-hour simple moving average. The first major resistance is near 142.00.
If there is a close above the 142.00 level and RSI moves above 60, the pair could rise toward 142.80. The next major resistance is near 143.50, above which the pair could test 144.00 in the coming days.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Important Takeaways for USD/JPY Analysis Today
- USD/JPY climbed higher above the 140.00 and 141.35 levels.
- There is a key bearish trend line forming with resistance near 141.35 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a strong increase above the 140.00 resistance zone. The US Dollar gained bullish momentum above 141.00 against the Japanese Yen.
The pair tested the 142.00 zone, and a high was formed near 141.94. It is now correcting gains below the 50-hour simple moving average. USD/JPY is testing the 23.6% Fib retracement level of the upward move from the 137.68 swing low to the 141.94 high.
On the downside, the first major support is near 140.80. The next major support is near the 140.00 level or the 50% Fib retracement level of the upward move from the 137.68 swing low to the 141.94 high. If there is a close below 140.00, the pair could decline steadily.
In the stated case, the pair might drop toward 139.10. The next stop for the bears may perhaps be near the 138.00 pivot region.
Immediate resistance on the USD/JPY chart is near a bearish trend line at 141.35 and the 50-hour simple moving average. The first major resistance is near 142.00.
If there is a close above the 142.00 level and RSI moves above 60, the pair could rise toward 142.80. The next major resistance is near 143.50, above which the pair could test 144.00 in the coming days.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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