USD/JPY Price Analysis: Retraces from daily highs around 145.30s, on fears of Japanese intervention – by christianborjon USDJPY Majors Technical Analysis SupportResistance
0-year, collapsed more than 20 bps as sentiment improved. Therefore, the USD/JPY is trading at 144.57, below its opening price by 0.13%.
Given the vocal expression of the Japanese Finance Minister Suzuki saying that Japan is ready to take “decisive” steps in theUSD/JPY Price Analysis: Technical outlookstills show the major advancing steadily, though with less conviction than previously witnessed, when price action rallied towards July’s high at 139.39 and when the pair’s edged up from around 130.00 to 144.99. Oscillators stabilized after the Bank of Japan’s intervention, with the Relative Strength Index almost flat around 62.
The USD/JPY one-hour scale dictates that the major Is neutral-to-downward biased in the near term. During the day, the USD/JPY tumbled below the 20, 50, and 100-EMAs, opening the door for further losses. Even Monday’s low was shy of clearing the 200-EMA at 144.12, which could have shifted the bias downwards.
Hence, the USD/JPY first support would be the S1 daily pivot at 144.34, which, once cleared, will expose the 200-EMA at 144.12. A breach of the latter will tumble the major towards the S2 daily pivot at 143.97, ahead of the September 28 daily low at 143.90.
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