- USD/JPY remains low after a verbal intervention from the Japanese authorities.
- The negative divergence on the daily chart could take USD/JPY towards 142.00.
- In the short term, USD/JPY could test the 141.00 area.
The USD/JPY recovers some ground after rumors of a possible verbal intervention by the Japanese authorities to boost the yen, but remains below 144.00, above its opening price by 0.21%. At the time of writing, the USD/JPY is trading at 143.43.
USD/JPY Price Analysis: Technical Outlook
From a daily chart point of view, USD/JPY still has a bullish bias, but price action is overextended, with buyers showing signs of exhaustion. Despite USD/JPY retesting the year’s high on September 14, the Relative Strength Index (RSI) showed signs of negative divergence, suggesting that the major could drop soon. If USD/JPY breaks above the 145.00 level, the August 1998 high at 147.67 could be tested. Conversely, a break below 143.00 could drop USD/JPY towards the 142.00 figure.
In the short term, the 4 hour chart shows the testing of the daily pivot over the last five candlesticks. If it doesn’t, demand for the dollar is weak and the pair is exposed to further losses. Once the sellers break above the 50 EMA at 143.09, it would pave the way towards the 143.00 figure. The break below will expose the S1 pivot point at 142.13, ahead of the 142.00 mark, followed by the S2 daily pivot at 141.13.
Key USD/JPY Technical Levels
USD/JPY
Panorama | |
---|---|
Last Price Today | 143.4 |
Today’s Daily Change | 0.41 |
Today’s Daily Change % | 0.29 |
Today’s Daily Opening | 142.99 |
Trends | |
---|---|
20 Daily SMA | 139.97 |
50 Daily SMA | 137.3 |
100 Daily SMA | 134.53 |
200 Daily SMA | 126.17 |
levels | |
---|---|
Previous Daily High | 144.96 |
Previous Daily Minimum | 142.55 |
Previous Maximum Weekly | 144.99 |
Previous Weekly Minimum | 140.12 |
Monthly Prior Maximum | 139.08 |
Previous Monthly Minimum | 130.4 |
Daily Fibonacci 38.2% | 143.47 |
Daily Fibonacci 61.8% | 144.04 |
Daily Pivot Point S1 | 142.04 |
Daily Pivot Point S2 | 141.09 |
Daily Pivot Point S3 | 139.63 |
Daily Pivot Point R1 | 144.45 |
Daily Pivot Point R2 | 145.91 |
Daily Pivot Point R3 | 146.86 |
Source: Fx Street
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