USD/JPY Daily Outlook: Bearish Bias Intensifies as Price Approaches Critical Support Level

Monday, 15 July 2024, 06:22
The USD/JPY pair is experiencing a corrective phase after a significant uptrend, with a downward movement in progress. The bearish momentum is favored, particularly if the price remains below the 55-day Exponential Moving Average (EMA) currently positioned at 157.67. The next crucial support level to watch for is at 163.65, corresponding to a 38.2% retracement of the prior rally. However, a bullish scenario could materialize if the price surpasses 159.44, signaling a potential reversal and a subsequent upward trend.
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USD/JPY Daily Outlook: Bearish Bias Intensifies as Price Approaches Critical Support Level

USD/JPY Daily Outlook: Key Technical Analysis

The USD/JPY pair is currently in a corrective phase, indicating a bearish trend.

Important Points:

  • Correction in Progress: The price is retracing the previous five-wave rally from 140.25 to 161.94.
  • Bearish Momentum: A sustained trading below the 55-day EMA at 157.67 confirms the bearish scenario.
  • Critical Support: The next significant target is the 38.2% retracement level at 163.65.
  • Possible Reversal: Breaking above 159.44 could signal a shift in bias towards a bullish rebound.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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