USD/JPY rallied significantly above 140.00 and recently started a downside correction.
Important Takeaways for USD/JPY Analysis Today
· USD/JPY started a major rally above the 138.88 and 140.00 levels.
· There is a major bullish trend line forming with support near 139.65 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 138.88 zone. It gained bullish momentum and was able to clear the 140.00 resistance.
Finally, there was a move above 140.50 and the pair spiked toward 141.00. A high was formed near 140.90 before the pair corrected lower. There was a drop below the 50-hour simple moving average at 140.20.
However, the bulls are active near a major bullish trend line at 139.65. A low is formed near 139.57 and the pair is now consolidating.
On the upside, the pair is facing resistance near the 23.6% Fib retracement level of the recent decline from the 140.93 swing high to the 139.57 low. The first major resistance is near the 50-hour simple moving average at 140.20. It is close to the 50% Fib retracement level of the recent decline from the 140.93 swing high to the 139.57 low.
If there is a close above the 140.20 level and RSI moves above 50, the pair could revisit 140.90. The next major resistance is near 141.20, above which the pair could test 142.00.
Conversely, the pair might break the trend line support. The next major support is near the 138.88 level, below which the pair could start a major decline. In the stated case, the pair might dive toward the 138.00 support.
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 Today
· USD/JPY started a major rally above the 138.88 and 140.00 levels.
· There is a major bullish trend line forming with support near 139.65 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 138.88 zone. It gained bullish momentum and was able to clear the 140.00 resistance.
Finally, there was a move above 140.50 and the pair spiked toward 141.00. A high was formed near 140.90 before the pair corrected lower. There was a drop below the 50-hour simple moving average at 140.20.
However, the bulls are active near a major bullish trend line at 139.65. A low is formed near 139.57 and the pair is now consolidating.
On the upside, the pair is facing resistance near the 23.6% Fib retracement level of the recent decline from the 140.93 swing high to the 139.57 low. The first major resistance is near the 50-hour simple moving average at 140.20. It is close to the 50% Fib retracement level of the recent decline from the 140.93 swing high to the 139.57 low.
If there is a close above the 140.20 level and RSI moves above 50, the pair could revisit 140.90. The next major resistance is near 141.20, above which the pair could test 142.00.
Conversely, the pair might break the trend line support. The next major support is near the 138.88 level, below which the pair could start a major decline. In the stated case, the pair might dive toward the 138.00 support.
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.