USD/JPY Price Analysis: Slumps towards the 20 DMA, after the intervention of the Japanese authorities

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  • The Japanese yen gained traction, as evidenced by USD/JPY sliding 1% towards 131.15.
  • USD/JPY Price Analysis: In a short-term retracement, as bullish, the 20 DMA.

He USD/JPY it erased Monday’s gains and plunged to the 131.00 zone after hitting a weekly high of 132.90. The intervention of the Japanese authorities weakened the US dollar (USD), leading to a fall of 140 points. At the time of writing, USD/JPY is trading at 131.21, down 1.08% from its opening price.

USD/JPY Price Analysis: Technical Perspective

From a daily chart standpoint, USD/JPY maintains its bullish bias, despite failing to break above Monday’s daily high and dipping below the 20-day EMA at 130.58. However, the bulls intervened around the latter, and USD/JPY retook the 131.00 figure, which could exacerbate a retest of 132.00. So, the next resistance for USD/JPY would be the 50 day EMA at 132.84, ahead of the 200 day EMA at 133.85.

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As an alternative scenario, the first support for USD/JPY would be the 131.00 figure. Once broken, the 20-day EMA at 130.58 would be the next line of defense for USD/JPY bulls, followed by a move lower towards the psychological 130.00 level.

The indicators showed a sideways scenario, with the Relative Strength Index (RSI), although still biased to the upside, about to turn bearish. Conversely, the Rate of Change (RoC) suggests that buyers are still in control, although they were outpaced by sellers on Monday.

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USD/JPY Key Technical Levels


Last price today 131.22
Today Change Daily -1.40
today’s daily change -1.06
today’s daily opening 132.62
daily SMA20 129.9
daily SMA50 132.69
daily SMA100 138.68
daily SMA200 136.8
previous daily high 132.91
previous daily low 131.18
Previous Weekly High 131.2
previous weekly low 128.08
Previous Monthly High 134.78
Previous monthly minimum 127.22
Fibonacci daily 38.2 132.25
Fibonacci 61.8% daily 131.84
Daily Pivot Point S1 131.57
Daily Pivot Point S2 130.52
Daily Pivot Point S3 129.85
Daily Pivot Point R1 133.29
Daily Pivot Point R2 133.96
Daily Pivot Point R3 135.01

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Source: Fx Street

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