USD/JPY Price Analysis: Bears Overtake Bulls As Pair Remains Below 154.00

The USD/JPY dropped 0.14% on Friday as the pair recovered some ground after hitting a 14-week low of 151.93. However, it bounced off that level and cleared key resistance levels. At the time of writing, the major trades at 153.73.

 

USD/JPY Price Analysis: Technical outlook

The pair printed a ‘dragonfly doji’ on Thursday, though Friday’s price action failed to make a bullish candle, which could open the door for a rally at least toward the bottom of the Ichimoku Cloud (Kumo) at 156.00.

Momentum suggests that sellers are in charge, as the Relative Strength Index (RSI) is bearish and almost flatlined around oversold conditions.

 For a bearish resumption, bears need to push prices below 153.00. Once done, the next support would be the July 25 low of 151.94, followed by the 151.00 mark. Conversely, if USD/JPY buyers want to regain control, they must reclaim the 156.00 figure to lift prices above the Kumo.

 

USD/JPY Price Action – Daily Chart

(Click on image to enlarge)


More By This Author:

Gold Rises Amid Soft US Dollar As Traders Eye Next Week's Fed Meeting
USD/JPY Price Analysis: Recovers And Hovers Around 154.00
Gold Sinks To Two-Week Low Despite Falling US Yields

Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with