USD/JPY Current price: 123.17
View Live Chart for the USD/JPY
Bearish potential towards 122.40. The USD/JPY pair fell to a fresh 2-week low, as the yen got a boost during Asian hours, from a sell-off in local share markets. Chinese shares fell 8.5% whilst the Nikkei extended its decline down to a 2-week low near 20,100. The USD/JPY pair trades around its daily low, with a spike up to 123.30, following US positive Durable Goods Orders data, attracting selling interest. The bias is south as the 1 hour chart shows that the price has extended well below its moving averages, with the 100 SMA crossing below the 200 SMA and with the technical indicators heading strongly lower, despite being near oversold territory. In the 4 hours chart, the price is now around its moving averages that converge flat a few pips above the current level, whilst the technical indicators head lower below their mid-lines. The immediate support comes at 122.90, the 38.2% retracement of its latest bullish run, with a break below it confirming additional declines towards 122.40, the 50% retracement of the same rally.
Support levels: 122.90 122.40 122.00
Resistance levels: 123.30 123.70 124.20
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.