USD/JPY Forecast: Consolidating near fresh multi-week low

USD/JPY Current price: 112.78.

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USDJPY

Consolidating near fresh multi-week low. The soft tone in equities and bond yields is keeping the USD/JPY pair confined to a tight range and not far from a fresh multi-week low of 112.45 achieved during Asian trading hours. Contained below 113.00, the 1 hour chart shows that the price is well below bearish moving averages, with the 100 SMA heading sharply lower around 113.60. Technical indicators in the same time frame have lost upward strength after entering positive territory, presenting a neutral stance ahead of the US opening. In the 4 hours chart, the RSI indicator has barely corrected oversold readings before turning flat around 37, whilst the Momentum indicator has corrected within negative territory, but resumed its decline before reaching its mid-line, maintaining the risk towards the downside.

Support levels: 112.50 112.10 111.65

Resistance levels: 113.05 113.50 114.00

 

Interested in USD/JPY technicals? Check out the key levels

    1. R3 113.03
    2. R2 112.91
    3. R1 112.80
  1. PP 112.69
    1. S1 112.58
    2. S2 112.46
    3. S3 112.35

 

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