USD/JPY Price Analysis: Drops the most in three weeks as bears eye 115.50

USD/JPY remains on the back foot around intraday low.
RSI pullback from overbought region adds to the bearish bias.
November’s top lure short-term sellers, 11-week-old resistance line challenge buyers.

Anil Panchal FXStreet

USD/JPY stays pressured around 115.85 while printing the biggest daily losses since mid-December during early Thursday.

The yen pair’s latest weakness could be linked to the earlier pullback from a multi-day-old resistance line as well as the RSI decline from the overbought region. As a result, further losses by the pair can’t be ruled out.

The same direct USD/JPY sellers towards November’s high near 115.50. However, any further downside will be challenged by an ascending support line from December 17 and 50-SMA, respectively around 115.40 and 115.25.

Meanwhile, the corrective pullback may initially aim for the 116.00 threshold before the 116.25 hurdle. In a case where USD/JPY bulls keep reins past 116.25, an upward sloping trend line from October 20, around 116.40, will be in focus.

Overall, USD/JPY prices are likely to witness further losses but a reversal of the current bullish trend is off the table, at least for now.

USD/JPY: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	115.84
Today Daily Change	-0.28
Today Daily Change %	-0.24%
Today daily open	116.12

Trends
Daily SMA20	114.43
Daily SMA50	114.09
Daily SMA100	112.66
Daily SMA200	111.16

Levels
Previous Daily High	116.24
Previous Daily Low	115.62
Previous Weekly High	115.21
Previous Weekly Low	114.45
Previous Monthly High	115.21
Previous Monthly Low	112.56
Daily Fibonacci 38.2%	116.01
Daily Fibonacci 61.8%	115.86
Daily Pivot Point S1	115.75
Daily Pivot Point S2	115.38
Daily Pivot Point S3	115.13
Daily Pivot Point R1	116.37
Daily Pivot Point R2	116.62
Daily Pivot Point R3	116.99

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD onsolidates around mid-1.1800s as traders keenly await FOMC Minutes

The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.1800 neighborhood, or a one-and-a-half-week low, and consolidates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.1800s, nearly unchanged for the day.

GBP/USD seems vulnerable near mid-1.3500s; UK CPI/FOMC Minutes awaited

The GBP/USD pair struggles to capitalize on the previous day's late rebound from an over one-week low – levels below the 1.3500 psychological mark – and trades with a negative bias for the third consecutive day on Wednesday. The downside, however, remains cushioned as investors seem reluctant to place aggressive directional bets ahead of the release of the latest UK consumer inflation figures and FOMC Minutes.

Gold regains positive traction after Tuesday's over 2% slump as traders await FOMC Minutes

Gold gains some positive traction during the Asian session on Wednesday and recovers a part of the previous day's heavy losses more than 2%, to the $4,843-4,842 region or a nearly two-week low. The intraday move higher could be attributed to repositioning trade ahead of the release of the FOMC Minutes.

Top Crypto Gainers: Jito drops, Morpho holds steady, Convex Finance climbs

Decentralized Finance tokens, including Jito, Morpho, and Convex Finance, rank among the top-performing crypto assets over the last 24 hours. Jito dips on Wednesday after rallying 22% the previous day on the launch of a new mainnet node.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.