USD/JPY Weekly Chart Outlook
USD/JPY is showing positive signs but must clear 137.30 to start a fresh increase.
Important Takeaways for USD/JPY Analysis
· USD/JPY corrected lower from the 152.00 resistance and found support at 127.20.
· There is a connecting bullish trend line forming with support at 133.00 on the weekly chart at FXOpen.
USD/JPY Technical Analysis
On the weekly chart of USD/JPY, the pair faced strong rejection near the 152.00 level. The US Dollar started a downside correction below the 137.30 support against the Japanese Yen.
The pair tested the 127.20 support. A low was formed near 127.21 and the pair is now rising. It broke the 23.6% Fib retracement level of the downward move from the 151.94 swing high to the 127.21 low.
On the upside, the pair is facing resistance near the 50-week simple moving average and 137.20. The next major resistance on the USD/JPY chart is near the 50% Fib retracement level of the downward move from the 151.94 swing high to the 127.21 low at 139.60.
A successful close above 139.60 is likely to start a strong upward move toward 152.00 in the coming weeks. Conversely, if USD/JPY fails to break 139.60, it could retreat lower and revisit the 133.00 support area.
Besides, there is also a connecting bullish trend line forming with support at 133.00. A downside break below the trend line might send the pair toward 127.20.
Any more losses might push the pair into a bearish zone. In the stated case, there is a risk of a drop toward the 116.20 support zone in the medium term.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Important Takeaways for USD/JPY Analysis
· USD/JPY corrected lower from the 152.00 resistance and found support at 127.20.
· There is a connecting bullish trend line forming with support at 133.00 on the weekly chart at FXOpen.
USD/JPY Technical Analysis
On the weekly chart of USD/JPY, the pair faced strong rejection near the 152.00 level. The US Dollar started a downside correction below the 137.30 support against the Japanese Yen.
The pair tested the 127.20 support. A low was formed near 127.21 and the pair is now rising. It broke the 23.6% Fib retracement level of the downward move from the 151.94 swing high to the 127.21 low.
On the upside, the pair is facing resistance near the 50-week simple moving average and 137.20. The next major resistance on the USD/JPY chart is near the 50% Fib retracement level of the downward move from the 151.94 swing high to the 127.21 low at 139.60.
A successful close above 139.60 is likely to start a strong upward move toward 152.00 in the coming weeks. Conversely, if USD/JPY fails to break 139.60, it could retreat lower and revisit the 133.00 support area.
Besides, there is also a connecting bullish trend line forming with support at 133.00. A downside break below the trend line might send the pair toward 127.20.
Any more losses might push the pair into a bearish zone. In the stated case, there is a risk of a drop toward the 116.20 support zone in the medium term.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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