FX.co ★ USD/JPY

USDJPY Price Action: I am currently analyzing the behavior of the USD/JPY currency pair in terms of dynamic pricing. The daily chart shows a bearish double-top pattern that formed following a recent drop before reaching 153.479 from a technical point of view. The subsequent close below the 100-day SMA indicates negative momentum for the USD/JPY pair, confirming a short-term pessimistic view. Despite finding support at 147.849, representing the 38.2% Fibonacci retracement, it is a crucial turning point. Daily indicators suggest that there could be more selling pressure, potentially leading to intermediate support at 147.099-147.049, followed by 146.649 and the 50% Fib levels around mid-145.649. Any attempts at a rebound may face resistance around 148.649, which could limit the potential for an upside near the 100-day SMA breakout at 148.949-148.999. Currently, trading below this level creates uncertainty regarding the pairs direction. Weak RSI and stochastic signals lack a clear directional trend, and monitoring how the situation evolves is essential. If the recent decline persists, bouncing towards the last low at 147.949 or even the lower Bollinger band is possible. On the other hand, an upward move may progress through various levels, such as the middle Bollinger band, lower and upper moving averages, and the upper Bollinger band at 149.049/149.449/149.899/150.049, respectively. Each level requires observation for potential breaks or reversals.

Currently, the H-4 resistance remains at 151.799; on H-1, the resistance is at 150.299. If theres a rollback to H-1 resistance at 150.299 and a breakthrough, the pair could reverse towards H-4 resistance at 151.799, followed by a pullback to D-1 support at 145.399 if the H-4 resistance doesn't break. There could be a potential correction to 149.149, turning into H-1 resistance. If the daily balance at 148.849 breaks, the pair might reverse towards H-1 resistance at 150.299, followed by a reversal and a decline toward the medium-term target at 145.399, establishing D1 support.