USD/JPY TECHNICAL ANALYSIS: WEEKLY CHART

In the weekly chart, USD/JPY is trading in an up channel.

USD/JPY is currently trading above 20&50 SMA.

RSI is in buying zone, which shows bullishness. Stochastic is suggesting a downtrend.

Its immediate support is at 140.54 & the resistance at 142.15

After dipping on the weekly chart, the USD/JPY began to rise steadily and has since made a good move. The USD/JPY currently made a bearish engulfing at the top, and the price reverted downward. For the time being, we might expect a downward correction in the USD/JPY. Price is currently trading at a crucial support level; if this level is breached, further decline is expected.

USD/JPY ANALYSIS: DAILY CHART

In the daily chart, USD/JPY is trading in the down channel.

USD/JPY is currently trading below 5&20 SMA.

RSI is in the selling zone, which shows bearishness. Stochastic is suggesting a downtrend.

Its immediate support is at 140.43 & the resistance is at 141.27

After a brief rise, the USD/JPY price began to encounter upward resistance before reversing direction and dropping. Since then, the USD/JPY exchange rate has been declining and making lower lows. Currently trading at a critical support level, more decline is possible if this level is broken.

TRADE SUGGESTION: – SELL AT 140.30, TAKE PROFIT AT 138.94, SL AT, 141.52