- USD/JPY registers minimal gains, after briefly hitting 146.37.
- Sellers push the pair below 145.00, suggesting potential consolidation between 144.00-146.00.
- Key support levels: 144.00, August 6 low at 143.61, and August 2 bottom at 141.70.
- Resistance levels to watch: 145.00, August 5 peak at 146.37, and August 2 high at 149.77.
The USD/JPY registered minimal gains on Tuesday after hitting a daily high of 146.37. Yet buyers' failure to keep prices above the 146.00 figure sponsored a retracement toward the 144.00 region. The pair trades at 144.61, gaining 0.17% as Wednesday’s Asian session commences.
- USD/JPY registers minimal gains, after briefly hitting 146.37.
- Sellers push the pair below 145.00, suggesting potential consolidation between 144.00-146.00.
- Key support levels: 144.00, August 6 low at 143.61, and August 2 bottom at 141.70.
- Resistance levels to watch: 145.00, August 5 peak at 146.37, and August 2 high at 149.77.
The USD/JPY registered minimal gains on Tuesday after hitting a daily high of 146.37. Yet buyers' failure to keep prices above the 146.00 figure sponsored a retracement toward the 144.00 region. The pair trades at 144.61, gaining 0.17% as Wednesday’s Asian session commences.
USD/JPY Price Forecast: Technical outlook
The USD/JPY rebound above 146.00 was short-lived. Sellers stepped in and pushed the exchange rate below 145.00, paving the way for subsequent losses. Although the Relative Strength Index (RSI) remains in oversold territory, price action suggests that the pair might consolidate at around 144.00-146.00 before printing the next leg-down.
If bears drag the exchange rate below 144.00, the next support would be the August 6 low of 143.61, followed by the August 2 bottom at 141.70.
The USD/JPY rebound above 146.00 was short-lived. Sellers stepped in and pushed the exchange rate below 145.00, paving the way for subsequent losses. Although the Relative Strength Index (RSI) remains in oversold territory, price action suggests that the pair might consolidate at around 144.00-146.00 before printing the next leg-down.
If bears drag the exchange rate below 144.00, the next support would be the August 6 low of 143.61, followed by the August 2 bottom at 141.70.
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