- The US dollar continues to be offered broadly against most G8 currencies.
- The break of a rising wedge on the USD/JPY 4-hour chart points to a fall towards 138.00.
The USD/JPY extended its losses for two straight days and broke above the 100 day EMA, consolidating the case for USD/JPY bias to turn neutral to the downside, although it continues to trade above the 200 day EMA. Therefore, USD/JPY is trading at 139.83, down 0.96%.
USD/JPY Price Analysis: Technical Perspective
Once USD/JPY fell below the 100 day EMA, the bias shifted to neutral to the downside, although note that crucial support levels lie below the spot price. If Japanese yen (JPY) buyers are to extend their gains, they need to break the three-month low of 137.65, which would compound a slide towards a six-month-old uptrend line of support around 136.70.
In the short term, USD/JPY on the 4-hour chart broke out of a rising wedge, a continuation pattern formed after a first leg down. That being said, USD/JPY is trading comfortably around the S3 daily pivot. Therefore, the first support for USD/JPY would be the psychological level of 139.00, followed by the S4 daily pivot level at 138.87, ahead of the November 15 low at 137.65.
Key USD/JPY Technical Levels
USD/JPY
Overview | |
---|---|
Last price today | 139.76 |
Today I change daily | -1.45 |
Today Daily Change % | -1.03 |
today’s daily opening | 141.21 |
Trends | |
---|---|
daily SMA20 | 144.03 |
daily SMA50 | 145.01 |
daily SMA100 | 141.08 |
daily SMA200 | 133.6 |
levels | |
---|---|
previous daily high | 142.24 |
previous daily low | 141.08 |
Previous Weekly High | 140.8 |
previous weekly low | 137.67 |
Previous Monthly High | 151.94 |
Previous monthly minimum | 143.53 |
Daily Fibonacci of 38.2%. | 141.53 |
Daily Fibonacci of 61.8% | 141.8 |
Daily Pivot Point S1 | 140.78 |
Daily Pivot Point S2 | 140.35 |
Daily Pivot Point S3 | 139.62 |
Daily Pivot Point R1 | 141.94 |
Daily Pivot Point R2 | 142.67 |
Daily Pivot Point R3 | 143.1 |
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.