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USD/JPY Price Analysis: Consolidates before Fed’s decision

USD/JPY Price Analysis: Consolidates before Fed’s decision

  • USD/JPY will remain subdued as traders await the US Federal Reserve.
  • Caution is warranted, given the fact that oscillators are giving mixed signals.
  • USD/JPY Price Analysis: Short-term, a bearish continuation is likely; otherwise, buyers can reclaim 133.00.

USD/JPY remains in choppy trading price action, with investors eyeing Wednesday’s US Federal Reserve decision. At the time of typing, the USD/JPY pair exchanges hands at around 132.50s after traveling from a daily low of 132.25 and hitting a high at 133.00.

USD/JPY Price action

The USD/JPY pair trades nearby the weekly highs, though it remains sideways. The Exponential Moving Averages (EMAs) in the daily chart turned flat, while oscillators like the Relative Strength Index (RSI) and the Rate of Change (RoC) give mixed signals.

In the short-term, the USD/JPY 4-hour chat paints the pair as downward biased, trading below the 50, 100, and 200-EMAs. Also, a three-week-old downslope resistance trendline would cap any rallies should the USD/JPY exceed the 133.50 area.

For a bearish continuation, the USD/JPY is backed by oscillators, like the RSI is about to turn bearish, while the RoC portrays buying pressure waning. That said, the USD/JPY first support would be the 20-EMA at 132.38. A breach of the latter could send the pair to the daily pivot at 132.04, followed by a drop to the S1 pivot point at 131.46. Once cleared, the USD/JPY would challenge the 131.00 figure.

In an alternate scenario, the USD/JPY first resistance would be the R1 pivot at 133.06. Once broken, the pair would immediately test the 50-EMA at 133.11, followed by the R2 daily pivot point at 133.64, ahead of the confluence of the 100/200-EMAs at 133.76/77.

USD/JPY 4-hour chart

USD/JPY Technical levels

USD/JPY

Overview
Today last price 132.6
Today Daily Change 0.09
Today Daily Change % 0.07
Today daily open 132.51
 
Trends
Daily SMA20 134.93
Daily SMA50 132.53
Daily SMA100 134.95
Daily SMA200 137.45
 
Levels
Previous Daily High 132.63
Previous Daily Low 131.04
Previous Weekly High 135.12
Previous Weekly Low 131.56
Previous Monthly High 136.92
Previous Monthly Low 128.08
Daily Fibonacci 38.2% 132.02
Daily Fibonacci 61.8% 131.64
Daily Pivot Point S1 131.49
Daily Pivot Point S2 130.47
Daily Pivot Point S3 129.9
Daily Pivot Point R1 133.08
Daily Pivot Point R2 133.65
Daily Pivot Point R3 134.67

 

 

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