USD/JPY Price Analysis: Set to extend losses as bears take control
- Bearish harami candle pattern emerges at the USD/JPY daily chart.
- The pair will resume its downtrend below 144.97.
- Buyers would gather momentum if they reclaim the Senkou Span A at around 145.86.
On Tuesday, the USD/JPY registered losses of 0.48% as a bearish harami candlestick chart pattern formed, suggesting the major is headed to extend its losses. At the time of writing, as the Asian session begins, the pair is trading at 145.43, virtually unchanged.
The USD/JPY is neutral to downward based after diving below key support levels, like the Ichimoku Cloud. In addition, the Tenkan and Kijun-Sen levels turned bearish, with the latter sitting above of the former, which is the first support level at around 144.97. if the pair heads toward the latter and breaks that level, the next demand area would be the December 8 low of 142.49, followed by the December 7 at 141.60.
On the upside, the USD/JPY must reclaim the Senkou Span A at 145.86, ahead of the confluence of the Kijun-Sen and the Senkou Span B at 146.75.
USD/JPY Price Analysis – Daily Chart
USD/JPY Technical Levels
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
