USDJPY falls to an eight-week low.
The USDJPY pair extended its losing trend that began on Thursday. Reaching an eight-week low of approximately 147.40 during the European session on Tuesday. Following the 38.2% Fibonacci retracement at 146.32. The psychological level of 147.00 emerges as the immediate support.
Furthermore The US Dollar (USD) has dropped to a nearly three-month low, impacted by dovish Federal Reserve (Fed) predictions. This development is a big contributor to the USDJPY fall.
USDJPY Technical Outlook
The 14-day Relative Strength Index (RSI) is below 50, indicating that the USDJPY pair is losing ground. This might lead to bearish swings approaching the psychological support level of 146.00. If a meaningful break occurs below this level, the pair may be able to navigate the area near the 50.0% retracement at the 144.60 level.
Furthermore, the Moving Average Convergence Divergence (MACD) line is below the centerline and diverges below the signal line, indicating a bearish market for the pair.
On the upside, the psychological level at 148.00 serves as an immediate barrier, followed by the significant milestone at 147.50.
Moreover A break above the latter could provide support for the USDJPY pair as it continues to rise. the area around 149.00 after the nine-day Exponential Moving Average (EMA) at 149.62.
