Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/ JPY neutral in the near-term, scope for downward resumption

• USD/JPY retreated  on Tuesday  as greenback weakened on concerns of a weaker economy and uncertainty over the Federal Reserve's next policy move. 

• Fed Governor Michelle Bowman warned that key inflation measures are still uncomfortably above the Fed's 2% target, suggesting caution as the Fed moves forward with interest rate cuts.

• For the week, weekly jobless claims and personal consumption expenditure data will remain in focus.

• Technical signals are bearish as RSI is heading down  at 46, daily momentum studies  5, 9 and 1 DMAs are trending down.
 
•  Immediate resistance is located at 144.54 (Daily high), any close above will push the pair towards 145.65 (38.2%fib).

•  Support is seen at 142.01 (23.6%fib) and break below could take the pair towards 140.30(Lower BB).

Recommendation: Good to sell  around 143.70, with stop loss of 144.60 and target price of 143.00
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.