Although there is a potential for strengthening correction, USD/JPY still has the opportunity to weaken again in line with the previous bias.
Key Levels
1. Resistance. 2 : 145.839.
2. Resistance. 1 : 145.378.
3. Central Pivot Range: 145.208.
4. Support. 1 : 144.456.
5. Support. 2 : 143.995.
Tactical Scenario
Pressure Prone Zone: If the price is held at the level of 145,378, then there is potential for pressure towards 144,456. Momentum Extension Bias: If USD/JPY manages to break through and close below 143,995, there is potential for further weakening to 143,236.
Invalidation Level / Bias Revision
The downward bias of USD/JPY will weaken if it breaks through and closes above the level of 145,839 and or above the VWAP (Black Line) of 145,952.
Technical Summary
With the decreasing slope position of the VWAP, it gives an indication that the downward bias is still dominating, although there seems to be a slight strengthening correction indicated by the RSI(14) which is at the level of 60.52, but as long as it does not break through and close above the level of 145,952, the potential for further weakening is still wide open in the main currency pair USD/JPY.
Relevant News:
1. US New Home Sales - 21:00 WIB.
2. Fed Chair Powell Testifies - 21:00 WIB.
3. US Crude Oil Inventory - 21:30 WIB.
