USD/JPY Price Analysis: Dives below 143.00, trimming Thursday’s gains

USD/JPY is set to finish the week with gains of 0.25%.
From a daily chart perspective, the USD/JPY is trading sideways as Japanese intervention in the FX markets looms.
Short term, the USD/JPY is neutral-downward biased, but a break below 143.00 could pave the way toward 141.59.

Christian Borjon Valencia FXStreet

The USD/JPY slumps for the second day in the week after falling short of testing the YTD high at 144.99, but fears of Japanese intervention in the FX markets to bolster the yen kept USD buyers at bay, while the major dipped towards the 143.00 handle. The USD/JPY is trading at 142.98 after hitting a daily high at 143.69, down by 0.30%.

USD/JPY Price Analysis: Technical outlook

The USD/JPY daily chart portrays the pair consolidating in the 140.00-144.99 area for the last couple of weeks. USD/JPY price action is overextended to the upside, while the Relative Strength Index, exited from overbought conditions, crossed below its 7-day RSI’s SMA, meaning sellers begin to gather momentum. However, if USD/JPY sellers want to regain control, they need a decisive break below the 20-day EMA at 140.64.

In the near term, the USD/JPY hourly chart portrays the pair as neutral-to-downward biased. Worth noting that the major, once it fell under the 144.00 figure on September 14, stayed below the 143.50 area, trading sideways in the 143.00/50 range. Oscillators are pointing downwards in bearish territory, which suggests selling pressure is mounting in the pair.

If the USD/JPY tumbles below 143.00, the next support would be the S2 daily pivot at 142.33. Once cleared, the next demand zone would be the 142.00 psychological level, ahead of the weekly low hit on September 13 at 141.59.

USD/JPY Key Technical Levels

USD/JPY

Overview
Today last price	142.98
Today Daily Change	-0.57
Today Daily Change %	-0.40
Today daily open	143.52

Trends
Daily SMA20	140.36
Daily SMA50	137.45
Daily SMA100	134.66
Daily SMA200	126.32

Levels
Previous Daily High	143.8
Previous Daily Low	142.8
Previous Weekly High	144.99
Previous Weekly Low	140.12
Previous Monthly High	139.08
Previous Monthly Low	130.4
Daily Fibonacci 38.2%	143.42
Daily Fibonacci 61.8%	143.18
Daily Pivot Point S1	142.95
Daily Pivot Point S2	142.37
Daily Pivot Point S3	141.94
Daily Pivot Point R1	143.95
Daily Pivot Point R2	144.38
Daily Pivot Point R3	144.96

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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