USD/JPY Rebounds, But Downside Risks Persist
USD/JPY rebounded from a near two-month low, regaining the 151.50 level during Friday's trading session. Despite the recovery, downside risks remain prominent for this pair amid growing bets that the Bank of Japan (BoJ) will continue raising interest rates and the Federal Reserve's potential shift toward further easing. The upcoming U.S. Non-Farm Payrolls (NFP) data will be a key event to watch.
Technical Analysis:
USD/JPY appears to be forming an inverse cup-and-handle pattern, with the "cup" almost fully developed. According to this pattern, any recovery in USD/JPY is likely to be capped by the 0.618 Fibonacci retracement level as the pair begins to correct.
The bearish trend is further supported by EMA 34 and EMA 89, which provide strong signals favoring sellers. Price movements below the operational range of these two EMAs are a critical factor reinforcing the downside momentum.
Technical Analysis:
USD/JPY appears to be forming an inverse cup-and-handle pattern, with the "cup" almost fully developed. According to this pattern, any recovery in USD/JPY is likely to be capped by the 0.618 Fibonacci retracement level as the pair begins to correct.
The bearish trend is further supported by EMA 34 and EMA 89, which provide strong signals favoring sellers. Price movements below the operational range of these two EMAs are a critical factor reinforcing the downside momentum.
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