<\/a><\/p>\nUS Dollar versus Japanese Yen: Daily chart<\/small><\/p>\n
The combination of the fact that the pair has tested the level of the 2023 high and formed the bearish pattern increases the possibility of a decline following on.\u00a0<\/p>\n
If Friday ends as a bearish red candlestick this will add confirmation to the Hanging Man formed on Thursday, and further increase the odds of more downside.\u00a0<\/p>\n
Japanese candlesticks are only short-term reversal patterns, however, so the move lower may be short-lived.\u00a0<\/p>\n
The fact that the 151.000s represents a zone in which the Bank of Japan (BoJ) has been known to intervene to strengthen the Yen in the past, further increases the chances of imminent weakness for the pair.\u00a0<\/p>\n
A pullback might be expected to go as low as support at the 50-day Simple Moving Average (SMA) situated at 149.009.\u00a0<\/p>\n
Alternatively, a recovery and clear break above 152.000 would suggest bulls continue to have the upper hand and the BoJ is reluctant or unable to intervene sufficiently to move the exchange rate.\u00a0\u00a0<\/p>\n
Such a move, however, would be unlikely to rise much higher given the forces pitched against it, with a possible target at the next whole number of 153.000.<\/p>\n
\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
USD\/JPY forms a bearish candlestick pattern at the multi-year highs.\u00a0 A bearish close on Friday would enhance the possibilities of a pullback.\u00a0 The BoJ has historically intervened to strengthen JPY in the 151.000s, indicating more downside pressure likely.\u00a0 USD\/JPY has formed a bearish Hanging Man Japanese candlestick pattern (circled) at key chart highs in the […]<\/p>\n","protected":false},"author":2,"featured_media":6086,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,308,275,256,254],"class_list":["post-270080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-technical-analysis","tag-usdjpy","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/270080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=270080"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/270080\/revisions"}],"predecessor-version":[{"id":270081,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/270080\/revisions\/270081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/6086"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=270080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=270080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=270080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}