Market Analytics and Technical Considerations
Key Points
Last month, as it drove down EUR/JPY, USD/JPY dropped from the skies, but significant support levels have so far maintained.
TECHNICAL ANALYTICS OF USD/JPY
USD/bearishness JPY’s developed as it pressed to a three – month bottom on Friday at 133.63 after breaching below the Ichimoku Cloud. In the near future, assistance might be available at that level.
At 131.74, 131.50, 131.35, 131.25, and 130.40, a group of prior recessions and tabs that may act as support are located.
The 260-day Simple Moving Average (SMA), which is presently near 130.00 and may be a target to watch, is below that.
The price fell on Friday, crossing below the 200-day SMA. It has fallen below all SMAs that are shorter than 200 days, which may be a sign that the bearish momentum is about to change.
Support may be found at the preceding low points of 137.67 and 135.81, as well as at the 135.57 cutoff.
Previously failed support levels may now provide breakaway resistance around 135.81, 137.50, and 136.67.
Resistance might be seen at the prior peaks of 139.90 & 142.25 further upward.
Summary: STRONG SELL
Moving Averages: Buy (2) Sell (10)
Technical Indicators: Buy (0) Sell (9)
Technical Calculations Of EUR/JPY
On Friday, the EUR/JPY fell to its lowest level in two months, although it was unable to stay below the previous low of 140.90 when it reached 140.77. These levels might offer assistance.
An ascending trend line, which is currently intersecting at 141.00, may also act as support since that attempt to move lower was unsuccessful in breaking through it.
The Friday close was 141.53, below the 141.92 bottom range of the Bollinger Band based on the 21-day Simple Moving Average (SMA). A brief halt in bearish sentiment or a potential reversion could be indicated by a close back inside the band.
The price is now below that of SMAs that are 100 days fewer, but it is still well above SMAs that are 200 and 260 days. This would suggest that the underlying longer-term momentum has not yet confirmed that the short- and intermediate impetus is bearish.
The previous lows of 137.37, 134.95, and 133.40 might provide support. Resistance on the topside might be found at the 142.56 breakpoint or the previous peaks at 146.14, 147.11, 147.72, and 148.40.
At the peak price of 149.79 from December 2014, resistance might also be there. Further than that, a sequence of Fibonacci Extension levels at 150.73, 151.00, and 152.04 may provide resistance.
