Technical Analysis:
The USD/JPY pair is currently trading around 151.46, positioned at a critical support level amid a recent downtrend. Both the 50-period and 200-period Weighted Moving Averages (WMAs), located at 151.92 and 152.08 respectively, lie above the current price, adding resistance and signaling bearish momentum. The pair’s current movement reflects selling pressure, with potential for further downside if it breaches this support.
A sustained break below 151.46 could lead to additional declines toward 151.00. On the other hand, if the pair holds above this level, it might attempt a recovery toward the moving averages.
Support: 🔻 151.46, 151.00
Resistance: 🔺 151.92 (50-WMA), 152.08 (200-WMA)
Moving Averages:
📉 USD/JPY is trading below both the 50-WMA and 200-WMA, reinforcing a bearish outlook. A close below 151.46 could increase downside momentum, while a recovery above the WMAs might signal stabilization.
Volume:
📊 Trading volume has shown a significant increase as the pair tests the 151.46 support level, suggesting heightened selling interest. Sustained high volume on a break below could confirm further declines.
Key Levels to Watch:
Support: 151.46, 151.00
Resistance: 151.92 (50-WMA), 152.08 (200-WMA)
Outlook:
🚩 With USD/JPY testing support near 151.46, a breakdown could lead to further losses, whereas a successful defense of this level might result in a short-term bounce toward the moving averages.
Fundamental Analysis:
The USD/JPY pair remains influenced by central bank policies and economic data from the US and Japan. With inflation and interest rate decisions in focus, traders are closely monitoring updates for clues on future moves, particularly as the yen faces ongoing depreciation pressures against the dollar.
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