USD/JPY Price Analysis: Drops to an eight-week low, hovers around 147.50

USD/JPY moves on the downward trajectory to an eight-week low.
147.00 psychological level appears to be a key support following the 38.2% Fibonacci retracement.
A breakthrough above the 148.00 level could support the pair to explore the region near the nine-day EMA.

Akhtar Faruqui FXStreet

USD/JPY extended the losing streak that began on Thursday and marked an eight-week low, trading around 147.40 during the European session on Tuesday. The 147.00 psychological level emerges as the immediate support following the 38.2% Fibonacci retracement at 146.32.

The US Dollar (USD) has plunged to a nearly three-month low, influenced by dovish expectations from the Federal Reserve (Fed). This development is a significant factor contributing to the decline of the USD/JPY pair.

The 14-day Relative Strength Index (RSI) lies below the 50 level, signaling a weaker sentiment for the USD/JPY pair. This could potentially prompt bearish movements toward the psychological support region around 146.00. If a decisive break occurs below this level, it may pave the way for the USD/JPY pair to navigate the area near the 50.0% retracement at the 144.60 level.

Moreover, the Moving Average Convergence Divergence (MACD) line is positioned below the centerline and diverges below the signal line, signaling a bearish momentum in the market for the USD/JPY pair.

On the upside, the major level at 147.50 serves as the immediate barrier, followed by the psychological level at 148.00. A breakthrough above the latter could provide support for the USD/JPY pair to explore the region around the 149.00 level following the nine-day Exponential Moving Average (EMA) at 149.62.

USD/JPY: Daily Chart

USD/JPY: More technical levels to watch

Overview
Today last price	147.45
Today Daily Change	-0.89
Today Daily Change %	-0.60
Today daily open	148.34

Trends
Daily SMA20	150.41
Daily SMA50	149.49
Daily SMA100	146.54
Daily SMA200	141.47

Levels
Previous Daily High	149.99
Previous Daily Low	148.1
Previous Weekly High	151.91
Previous Weekly Low	149.2
Previous Monthly High	151.72
Previous Monthly Low	147.32
Daily Fibonacci 38.2%	148.82
Daily Fibonacci 61.8%	149.27
Daily Pivot Point S1	147.63
Daily Pivot Point S2	146.92
Daily Pivot Point S3	145.74
Daily Pivot Point R1	149.52
Daily Pivot Point R2	150.7
Daily Pivot Point R3	151.41

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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