USD/JPY Price Analysis: Moves below 149.00 near six-week lows
- USD/JPY trades around 149.00 followed by 23.6% Fibonacci retracement.
- Technical indicators suggest a bearish sentiment to navigate the support region around 146.50.
- 150.00 psychological level could be the resistance, followed by the nine-day EMA.
USD/JPY continues to trade near six-week lows, extending losses near 148.90 during the early European session on Monday. The 148.50 major level emerges as the immediate support lined up with the 23.6% Fibonacci retracement at 148.49.
The 14-day Relative Strength Index (RSI) below the 50 level signals bearish sentiment, which could inspire the bears of the USD/JPY pair to navigate the support region around 146.50 major level, followed by the 38.2% Fibonacci retracement at 146.37.
Additionally, the Moving Average Convergence Divergence (MACD) line is positioned above the centerline, showing divergence below the signal line, it typically suggests a bearish momentum in the market. This configuration indicates that the short-term moving average (MACD line) is moving further away from the long-term moving average (signal line) in the downward direction.
On the upside, the psychological level at 150.00 could be the key barrier, aligning with the nine-day Exponential Moving Average (EMA) at 150.34. A breakthrough above the latter could support the USD/JPY pair to revisit the previous week’s high at 151.90.
USD/JPY: Daily Chart
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.
