USD/JPY Corrects After Rally
USD/JPY rallied significantly above 137.00 and recently started a downside correction.
Important Takeaways for USD/JPY
· USD/JPY started a major rally above the 136.00 and 137.00 levels.
· There was a break below a key bullish trend line with support near 137.45 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a fresh increase from the 133.00 zone. It gained bullish momentum and was able to clear the 135.00 resistance.
Finally, there was a move above 137.00 and the pair spiked above 137.50. A high is formed near 137.77 and the pair is now correcting gains. There was a minor decline below a break below a key bullish trend line with support near 137.45.
The pair declined below the 23.6% Fib retracement level of the upward move from the 130.33 swing low to the 137.77 high. It is now consolidating near the 136.00 support and trading well below the 50-hour simple moving average.
If there is a downside break below the 136.00 support, USD/JPY might extend losses. The next major support is near the 61.8% Fib retracement level of the upward move from the 130.33 swing low to the 137.77 high at 134.90, below which the pair could start a major decline.
In the stated case, the pair might dive toward the 133.00 support. Any more losses might send the USD/JPY pair toward the 132.15 support.
On the upside, the pair is facing resistance near the 50-hour simple moving average at 137.00. If there is a close above the 50-hour simple moving average, the pair could revisit 137.75. The next major resistance is near 138.00, above which the pair could test 138.80.
This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, solicitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
Important Takeaways for USD/JPY
· USD/JPY started a major rally above the 136.00 and 137.00 levels.
· There was a break below a key bullish trend line with support near 137.45 on the hourly chart at FXOpen.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a fresh increase from the 133.00 zone. It gained bullish momentum and was able to clear the 135.00 resistance.
Finally, there was a move above 137.00 and the pair spiked above 137.50. A high is formed near 137.77 and the pair is now correcting gains. There was a minor decline below a break below a key bullish trend line with support near 137.45.
The pair declined below the 23.6% Fib retracement level of the upward move from the 130.33 swing low to the 137.77 high. It is now consolidating near the 136.00 support and trading well below the 50-hour simple moving average.
If there is a downside break below the 136.00 support, USD/JPY might extend losses. The next major support is near the 61.8% Fib retracement level of the upward move from the 130.33 swing low to the 137.77 high at 134.90, below which the pair could start a major decline.
In the stated case, the pair might dive toward the 133.00 support. Any more losses might send the USD/JPY pair toward the 132.15 support.
On the upside, the pair is facing resistance near the 50-hour simple moving average at 137.00. If there is a close above the 50-hour simple moving average, the pair could revisit 137.75. The next major resistance is near 138.00, above which the pair could test 138.80.
This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, solicitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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