GBPJPY is likely to rise as it encounters support
On the hourly chart of USD/JPY, the pair started a strong decline well above the 143.50 zone. The US Dollar gained bearish momentum below the 142.85 support against the Japanese Yen.
The pair even settled below the 142.85 level and the 50-hour simple moving average. Finally, it broke the 142.20 pivot level. A low was formed near 141.88 and the pair is now attempting a recovery wave.
EUR/USD Extends Rally While USD/JPY Revisits Support_2There was a break above a major bearish trend line with resistance near 142.25 and the 50-hour simple moving average. The pair spiked above the 23.6% Fib retracement level of the downward move from the 144.93 swing high to the 141.88 low. Immediate resistance on the USD/JPY chart is near 142.85.
The first major resistance is near the 50% Fib retracement level of the downward move from the 144.93 swing high to the 141.88 low at 143.40.
If there is a close above the 143.40 level and the hourly RSI moves above 60, the pair could rise toward 144.50. The next major resistance is near 145.00, above which the pair could test 146.20 in the coming days.
On the downside, the first major support is near 141.85. The next major support is near the 141.45 level. If there is a close below 141.45, the pair could decline steadily. In the stated case, the pair might drop toward the 140.00 support.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
The pair even settled below the 142.85 level and the 50-hour simple moving average. Finally, it broke the 142.20 pivot level. A low was formed near 141.88 and the pair is now attempting a recovery wave.
EUR/USD Extends Rally While USD/JPY Revisits Support_2There was a break above a major bearish trend line with resistance near 142.25 and the 50-hour simple moving average. The pair spiked above the 23.6% Fib retracement level of the downward move from the 144.93 swing high to the 141.88 low. Immediate resistance on the USD/JPY chart is near 142.85.
The first major resistance is near the 50% Fib retracement level of the downward move from the 144.93 swing high to the 141.88 low at 143.40.
If there is a close above the 143.40 level and the hourly RSI moves above 60, the pair could rise toward 144.50. The next major resistance is near 145.00, above which the pair could test 146.20 in the coming days.
On the downside, the first major support is near 141.85. The next major support is near the 141.45 level. If there is a close below 141.45, the pair could decline steadily. In the stated case, the pair might drop toward the 140.00 support.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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