- Analytics
- News and Tools
- Market News
- USD/JPY Price Analysis: Stumbles below 134.00 and the 200-DMA on soft USD
USD/JPY Price Analysis: Stumbles below 134.00 and the 200-DMA on soft USD
- The USD/JPY retraced from daily highs of 120 pips, as the USD is being offered.
- USD/JPY: Daily close below the 200-DMA opens the door for a drop to 131.70s.
The US Dollar (USD) gave away its earlier gains courtesy of upbeat economic data revealed in the United States (US) and dropped 0.52% against the Japanese Yen (JPY). At the time of writing, the USD/JPY is trading at 134.63, below the 200-day Exponential Moving Average (EMA), as the JPY gets ready to finish the week with gains of 3.26%.
USD/JPY Price Analysis: Technical outlook
The USD/JPY daily chart portrays the pair as downward biased after breaking the 200-day EMA and a five-month-old upslope support trendline. Nevertheless, upbeat US data exacerbated a rally toward Friday’s high of 135.98. However, the Relative Strength Index (RSI) at bearish territory and the Rate of Change (RoC) aiming lower showed that sellers were gathering momentum. Eventually, the USD/JPY erased those gains and some more.
If the USD/JPY achieves a daily close below the 200-day EMA at 134.99, it could pave the way for further downside action. The USD/JPY key support levels would be the psychological 134.00 figure. A breach of the latter could open the door for a 220 pip drop towards the August 11 low at 131.73, followed by August’s low at 130.39.
USD/JPY Key Technical Levels
© 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
