Home Forex Analysis And Forecasts USD/JPY Forecast: Bouncing from 118.05, upside seen limited

USD/JPY Forecast: Bouncing from 118.05, upside seen limited

USD/JPY Current price: 119.36


Risk remains towards the downside. The USD/JPY pair has shown little progress this Monday, unable to advance firmly above the 119.35 Fibonacci level, where it currently holds. The latest recovery, after posting a fresh 2-month low of 118.05, has resulted in lower highs weekly basis, which  maintains the risk towards the downside. Short term, the 1 hour chart shows that the price is holding above a bearish 100 SMA, whilst the 200 SMA offers a dynamic resistance around 119.65. In the same chart, the technical indicators have turned south around their mid-lines, showing no actual strength at the time being. In the 4 hours chart, the price continues developing well below its moving averages, whilst the RSI indicator turned south around 49, anticipating additional declines for today, particularly if US stocks came under selling pressure.

Support levels: 118.90 118.55 118.05

Resistance levels: 119.65 120.00 120.35



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