Slobodan Drvenica
Windsor Brokers
USD/JPY
USDJPY fell sharply overnight, hitting the lowest since early January, extending steep bear-leg off 155.21 lower top into fifth consecutive day.
The pair was down 3.3% in Asian session on Monday, remaining under increased pressure after downbeat US NFP data further soured dollar’s sentiment.
Large bearish candle of last week (USDJPY was down 4.7% for the week, in the biggest weekly drop since the second week of November 2022) weighs heavily on near-term action, in addition to firmly bearish daily studies (the latest formation of 5/200 and 10/200DMA death-cross) reinforcing negative near-term outlook.
Key supports at 140.25/00 (Dec 28 low / psychological) are coming in focus), though strongly oversold conditions on daily chart may spark a partial profit-taking.
Bounce is likely to be limited and ideally capped under today’s peak at 146.63, to provide better levels for re-entering bearish market, for push towards 140 zone, violation of which to generate another strong bearish signal.
Res: 144.58; 146.48; 146.68; 148.68.
Sup: 141.68; 141.00; 140.25; 140.00.
Interested in USD/JPY technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD challenges 1.0500 on Dollar's bounce
The US Dollar now picks up further pace and weighs on the risk-associated assets, sending EUR/USD to the boundaries of the key 1.0500 region and at shouting distance from its 2024 lows.
GBP/USD remains weak and puts 1.2600 to the test
GBP/USD remains on the back foot and now approaches the key support at 1.2600 the figure in response to the resurgence of the bid bias in the Greenback.
Gold faces extra upside near term
Gold extends its bullish momentum further above $2,660 on Thursday. XAU/USD rises for the fourth straight day, sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war. Markets await comments from Fed policymakers.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
A new horizon: The economic outlook in a new leadership and policy era
The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.