Weekly Analysis List
USD/JPY Weekly Analysis
6/9/24
Market Overview
Current Trend: The USD/JPY pair has been experiencing a downward trend recently. After reaching a high of 149.35, it has broken through the 143.43 temporary low and is currently testing support levels around 141.67.
Technical Indicators:
• Relative Strength Index (RSI): The RSI is currently in the oversold territory, indicating potential for a rebound.
• Moving Averages: The pair is trading below its 50-day and 200-day moving averages, suggesting a bearish outlook.
Fundamental Factors:
• US Dollar Strength: The US Dollar has shown some recovery, which could cap the downside for USD/JPY.
• Risk Sentiment: Renewed haven demand for the Japanese Yen due to global economic uncertainties, particularly from China’s slowdown, is weighing on the pair.
Support Levels:
141.67 - This is the immediate support level currently being tested.
140.25 - A further support level if the pair breaks below 141.67.
Resistance Levels:
144.22 - The immediate resistance level.
145.90 - A higher resistance level if the pair breaks above 144.22.
Conclusion
If the pair breaks below the 141.67 support level, it could signal a continuation of the bearish trend towards 140.25. However, a rebound above 144.22 could shift the bias to neutral.