USDJPY Price Analysis And Technical Forecast
11 Jul 2023
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.