- Analytics
- News and Tools
- Market News
- USD/JPY Price Analysis: Pullback from multi-year high teases rising wedge confirmation below 122.00
USD/JPY Price Analysis: Pullback from multi-year high teases rising wedge confirmation below 122.00
- USD/JPY takes offers to refresh intraday low, snaps five-day uptrend while retreating from December 2015 levels.
- MACD, RSI also favor sellers eyeing rising wedge bearish chart pattern’s confirmation.
- Bulls need a clear break of 122.55 to retake controls.
USD/JPY consolidates recent gains around 121.85, down 0.40% intraday during Friday’s Asian session. In doing so, the yen pair reverses from the highest levels in almost seven years while refreshing daily low of late.
The pullback moves become interesting as the prices portrayed a rising wedge bearish chart pattern in the last week.
Given the RSI decline from the overbought territory and the most bearish MACD signals in a few days, the USD/JPY prices are likely to confirm further downside by breaking the 121.80 nearby support.
Following that, the 100 and 200 HMAs, respectively near 120.70 and 119.60, may challenge the pair’s south-run targeting the mid-March bottom around 118.20.
On the contrary, recovery moves need to defy the bearish wedge formation, with an upside break of 122.55, to convince USD/JPY buyers for re-entry.
Should the quote remains firmer past 122.55, the 123.00 threshold and late 2015 peak surrounding 123.60 will lure the bulls.
USD/JPY: Hourly chart
Trend: Further weakness expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
