Drops towards the 78.6% Fibo level at 136.60s as bulls take a respite – Crypto News – Crypto News
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USD/JPY extends recovery above 136.60, investors turn risk-averse ahead of Jackson Hole USD/JPY extends recovery above 136.60, investors turn risk-averse ahead of Jackson Hole

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Drops towards the 78.6% Fibo level at 136.60s as bulls take a respite – Crypto News

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3 years ago

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  • The USD/JPY failed to gain traction despite rising US Treasury yields.
  • USD/JPY Price Analysis: Remains upward biased, though a pullback towards 136.00 is on the cards.

The USD/JPY fell after testing the 20-day Exponential Moving Average (EMA) around 137.88 and dropped below the 137.00 mark in the North American session amid a risk-off impulse. At the time of writing, the USD/JPY is trading at 136.63, below its opening price by 0.84%, after hitting a high of 137.80.

USD/JPY Price Analysis: Technical outlook

From a daily chart perspective, the USD/JPY remains range-bound, within the boundaries of the 20-day EMA and the 200-day EMA, each at 137.88-135.14, respectively. The Relative Strength Index (RSI), at bearish territory, aims downward, while the Rate of Change (RoC) is almost flat, signaling that buying pressure has faded.

Short term, the USD/JPY one-hour charts suggests that buyers are taking a respite after hitting 138.17. The major dived towards the confluence of the 78.6% Fibonacci retracement and the 100-EMA around 136.60, appearing to find support. Nevertheless, if the latter is breached, a fall towards the S1 daily pivot at 135.96 is on the cards. Contrarily, if the USD/JPY rallies toward the 61.8% Fibonacci level at 136.96, a test of the 137.00 figure is likely. Break above will expose the December 13 daily high at 137.97, ahead of the 138.00 mark.

USD/JPY Key Technical Levels

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