The USD/JPY recovers some ground following rumors of a possible Forex intervention by Japanese authorities to propel the Japanese yen but stays below the 144.00 mark, above its opening price by 0.21%. At the time of writing, the USD/JPY is trading at 143.43.
From a daily chart perspective, the USD/JPY remains upward biased, but price action is overextended, with buyers showing signs of exhaustion. Even though the USD/JPY retested the YTD high on September 14, the Relative Strength Index (RSI) showed signs of negative divergence, suggesting the major could dive soon. If the USD/JPY clears the 145.00 figure, a test of the August 1998 high at 147.67 is on the cards. Conversely, a break below 143.00 could send the USD/JPY tumbling towards the 142.00 figure.
Short term, the 4-hour chart shows the major testing of the daily pivot for the last five candles. Failure to do so portrays soft demand for the buck, exposing the pair to further losses. Once sellers clear the 50-EMA at 143.09, it would pave the way toward the 143.00 figure. Break below will expose the S1 pivot point at 142.13, ahead of the 142.00 mark, followed by the S2 saily pivot at 141.13.
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