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FxWirePro: USD/JPY back under pressure, near-term bias turns bearish

• USD/JPY declined towards 145.00 level on Tuesday as dollar weakened after U.S. President Donald Trump announced a ceasefire between Israel and Iran.
 
• Trump declared a full ceasefire between Israel and Iran, aiming to end a 12-day conflict that displaced millions and sparked fears of broader war.

• Adding to the dollar’s weakness were dovish remarks from Federal Reserve official Michelle Bowman, who suggested that the central bank should consider cutting interest rates in the near future..

• Federal Reserve Chair Jerome Powell is scheduled to testify before the U.S. Congress on Tuesday and Wednesday, with markets closely watching for clues on the future path of interest rates.

• Key resistance levels: 145.55 (50%fib), 146.85 (Upper Bollinger Band), and 148.08 (61.8%fib).

• Support levels: 144.63 (SMA 20), 143.28 (38.2%fib), and  142.29 (Lower BB).

Recommendation: Good to sell around 145.30, with stop loss of 146.40 and target price of 144.30
 

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