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