USDJPY trending down, Yen supported by BOJ attitude
Although US non-farm data in August was not as expected. But the Bank of Japan has recently taken a hawkish stance on interest rate hikes, which has also significantly helped the yen's recovery.
The U.S. Bureau of Labor Statistics said Friday that nonfarm payrolls increased by 142,000 jobs last month, while July's gain was revised down to 89,000.
On the weekly chart of
USDJPY The downtrend still prevails but is temporarily limited by the technical level of 141,682. Note to readers in the previous issue for USD/JPY.
Although USD/JPY is recovering, the weekly trend is being shaped by the price channel and once USD/JPY breaks below the 0.618% Fibonacci level it will be eligible to continue falling with the next target level being possible. can reach 134,526 price points of fibonancci 0.786%.
As long as USD/JPY remains within the price channel and below the EMA21, the main outlook remains bearish and the recovery levels should only be considered a short-term technical correction. In addition, the confluence point between the upper edge of the price channel and the 0.50% Fibonacci level will be the current closest resistance.
USD/JPY downtrend will have important positions in trading as follows.
Support: 141,682 – 140,401
Resistance: 144,528 – 147,120
The U.S. Bureau of Labor Statistics said Friday that nonfarm payrolls increased by 142,000 jobs last month, while July's gain was revised down to 89,000.
On the weekly chart of
USDJPY The downtrend still prevails but is temporarily limited by the technical level of 141,682. Note to readers in the previous issue for USD/JPY.Although USD/JPY is recovering, the weekly trend is being shaped by the price channel and once USD/JPY breaks below the 0.618% Fibonacci level it will be eligible to continue falling with the next target level being possible. can reach 134,526 price points of fibonancci 0.786%.
As long as USD/JPY remains within the price channel and below the EMA21, the main outlook remains bearish and the recovery levels should only be considered a short-term technical correction. In addition, the confluence point between the upper edge of the price channel and the 0.50% Fibonacci level will be the current closest resistance.
USD/JPY downtrend will have important positions in trading as follows.
Support: 141,682 – 140,401
Resistance: 144,528 – 147,120
Komentarz
USD/JPY is trading below the 50-day and 200-day EMA, confirming the bearish bias. If USD/JPY recovers to 142.5, it will open up the possibility of testing the resistance area at 143.49. In case of overcoming the threshold of 143.49, buyers can push the exchange rate towards the next resistance mark at 145.89. It is important to note the impact of Japanese GDP figures and key US economic indicators. Conversely, if the exchange rate falls below 142, it could trigger stronger selling momentum, towards the support area of 141.03. The 14-day RSI is at 32.46, showing that USD/JPY may continue to fall to the 142 area before entering an oversold state.
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