USD/JPY UPDATE AND INTRADAY ANALYSIS
With a focus on the daily analysis of USD/JPY, it’s evident that the pair is holding steady, subtly beneath the threshold of 140.92, with a neutral intraday outlook for now. It’s expected that any downward shift will be kept above the 138.24 support mark, sparking a renewed upward momentum. Overcoming the resistance at 140.902 is projected to reignite the more considerable ascent that took its origin from 127.22, potentially reaching the Fibonacci marker at 142.482.
Nevertheless, it’s important to mention that the signs of bearish divergence in the 4-hour MACD indicate a possible reversal. If the 138.24 level is breached, this could validate a short-term cresting, thereby redirecting the bias toward the lower end for the 55-day Exponential Moving Average (EMA) currently noted at 135.91.
Zooming out for a broader perspective in our daily update, the uptrend starting from 127.202 is interpreted as the second phase of a corrective pattern initiated from the 151.93 high. It is anticipated that a stronger rally could occur, aiming for the 61.8% retracement mark of 151.95 to 127.22, located at 136.36. A sustained break at this juncture would potentially open the path to revisit the high of 151.95.
Conversely, on the lower end, any violation of the 133.75 support level could suggest that the pattern might have embarked on its third leg, heading towards the 127.22 low. These considerations form a part of our daily analysis, providing insightful intraday perspectives for the USD/JPY pair. By staying tuned to our daily updates, one can navigate through the nuanced shifts in this forex market.
- USD/JPY steady below 140.92, neutral outlook. Downward shift expected, support at 138.24.
- Bearish MACD divergence signals possible reversal. Breaching 138.24 confirms cresting, bias towards 135.91 EMA.
USD/JPY Daily Analysis Summary
In essence, the assessment of USD/JPY reveals a stable position slightly below the 140.92 threshold, accompanied by a neutral intraday perspective. Anticipated downward shifts are expected to find support above 138.24, potentially stimulating a renewed upward momentum. It is important, however, to exercise caution as indications of bearish divergence in the 4-hour MACD suggest a possible reversal. A breach of 138.24 would validate a short-term cresting, resulting in a bias shift towards the 55-day Exponential Moving Average positioned at 135.91.
