- The USD/JPY remains practically flat during the American session.
- Oscillators remain in bearish territory, but price action signals consolidation.
- USD/JPY Price Analysis: A recovery of 132.21 by sellers would compound the decline towards 127.20.
He USD/JPY It rises after falling to a new four-week low at 131.71, but stages a comeback and has recaptured the 133.00 figure. However, a wall of resistance with all the daily EMAs above the exchange rate supports a downside bias. Therefore, USD/JPY is trading at 133.56, up 0.14% from the open.
USD/JPY Price Action
USD/JPY is biased neutral after the 20, 50, 100 and 200 day EMAs crossed around the 134.05-92 zone. However, oscillators such as the Relative Strength Index (RSI) and the Rate of Change (RoC), suggest that the sellers are in charge. But price action, as a leading indicator, needs sellers to recapture the February 10 daily low at 129.79, which could open the door for further declines.
For a bearish continuation, USD/JPY must fall below the March 15 low at 132.21. Once passed, the 132.00 zone would be in play. The next stop for sellers would be the daily low for Feb 2 at 128.08, followed by the yoy low at 127.21.
In an alternative scenario, the first resistance for USD/JPY would be the 200 day EMA at 134.05. A break of the latter would expose the 50 and 20 day EMAs each at 134.13 and 134.59, before testing the 100 day EMA at 134.92. Once broken, buyers would recapture the resistance level. Once broken, buyers would recoup the 135.00.
USD/JPY Daily Chart
USD/JPY Technical Levels
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.
