USDJPY Price Analysis: Tumbles from 147.00 after testing a two-week-old resistance – by christianborjon USDJPY Majors Technical Analysis
en buyers could not crack it following the two “known” Bank of Japan interventions, opening the door for further American Dollar upside. Also, the US Treasury yields rise, putting a lid on the USDJPY fall, and with further Federal Reserve’s tightening looming, the USDJPY might re-test the YTD highs. At the time of typing, the USDJPY is trading at 146.59, below its opening price.
The USDJPY one-hour chart shows the pair dived to its daily low at 146.08, shy of the S1 daily pivot, and is testing last Friday’s low at 146.55. So if the USDJPY achieves a daily close below the latter, that could lay the ground for further downside pressure. If that scenario plays out, the USDJPY’s first support would be the S1 daily pivot of 146.00. Once cleared, the pair might test key support levels, like the November 2 daily low at 145.66, followed by the S2 daily pivot at 145.
On the flip side, if the USDJPY surpasses 147.00, it could exacerbate a rally toward 148.00. Hence, the USDJPY first resistance would be the daily pivot level at 147.20, followed by the confluence of the 50, 100, and 200-hour EMAs around 147.38/50, followed by the R1 daily pivot and the 148.00 figure.
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