USD/JPY Price Analysis: Declines to five-month low, trades near 140.80

USD/JPY moves below the 141.00 psychological level on the back of the subdued US Dollar.
A firm break above the 142.00 level could lead the pair to reach a nine-day EMA at 142.41.
Technical indicators suggest a bearish sentiment to test the major support at 140.50.

Akhtar Faruqui FXStreet

USD/JPY extends its losses as the US Dollar (USD) weakens on the back of the dovish Federal Reserve’s (Fed) outlook in the first quarter of 2024. The USD/JPY pair trades lower around 140.80 during the early European session on Thursday. The 141.00 psychological level emerges as the immediate resistance following the next barrier at the 142.00 level.

if there is a breakthrough above the psychological level, it may support the USD/JPY pair to reach the nine-day Exponential Moving Average (EMA) at 142.41, following the psychological resistance at the 143.00 level. If the pair successfully surpasses this level, the next barrier would be the 23.6% Fibonacci retracement level at 143.35.

The 14-day Relative Strength Index (RSI) below the 50 level indicates a weaker sentiment for the USD/JPY pair. Additionally, the Moving Average Convergence Divergence (MACD) line is positioned below the centerline and the signal line, signaling a bearish momentum in the market for the USD/JPY pair.

The bearish sentiment could potentially lead the USD/JPY pair towards the major support region around 140.50. If there is a decisive break below this level, it may open the door for the pair to test the psychological level at 140.00.

USD/JPY: Daily Chart

USD/JPY: additional technical levels to watch

Overview
Today last price	140.82
Today Daily Change	-0.99
Today Daily Change %	-0.70
Today daily open	141.81

Trends
Daily SMA20	144.32
Daily SMA50	147.69
Daily SMA100	147.63
Daily SMA200	142.93

Levels
Previous Daily High	142.85
Previous Daily Low	141.55
Previous Weekly High	144.96
Previous Weekly Low	141.86
Previous Monthly High	151.91
Previous Monthly Low	146.67
Daily Fibonacci 38.2%	142.05
Daily Fibonacci 61.8%	142.35
Daily Pivot Point S1	141.29
Daily Pivot Point S2	140.77
Daily Pivot Point S3	139.99
Daily Pivot Point R1	142.59
Daily Pivot Point R2	143.37
Daily Pivot Point R3	143.89

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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