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Market News Analysis of the USD/JPY Pair: A Decline to Near 147.30, Then Support at the 14-day EMA

Analysis of the USD/JPY Pair: A Decline to Near 147.30, Then Support at the 14-day EMA

The USD/JPY could descend toward the 147.00 psychological support. Technical indicators point to a validation of the pair's bullish momentum. The pair might encounter the 23.6% Fibonacci retracement level at 146.78 if it descends below the psychological support at 147.00.

TOP1 Markets Analyst

2024-01-31

11795

For the second consecutive day, USD/JPY extends lower, trading near 147.30 during the European session on Tuesday. Along with the psychological level at 147.00, the 14-day Exponential Moving Average (EMA) situated at 147.06 seems to serve as the immediate support.

In the event of a decline below the psychological support level, the USD/JPY pair might encounter resistance in the vicinity of the critical level at 146.50, which is 23.6% Fibonacci retracement situated at 146.78. A USD/JPY pair retracement towards the psychological support area at 146.00 prior to the 38.2% Fibonacci retracement level at 145.53 aligning with the significant support at 145.50, could result from a collapse below the support zone.

The USD/JPY pair's Moving Average Convergence Divergence (MACD) technical analysis indicates favorable market sentiment, as the MACD line is positioned above the centerline and diverges above the signal line. Furthermore, the 14-day Relative Strength Index (RSI), which is a lagging indicator and is currently above the 50 level, provides further evidence that the pair is experiencing prevailing bullish momentum.

Towards the upside, the USD/JPY pair might confront a resistance level near the psychological barrier at 148.00, in addition to the significant level of 147.50. A definitive breach of this psychological resistance level might bolster the pair's chances of making progress toward the significant level at 148.50. Additional upward momentum could cause the pair to retrace its steps towards the high of 148.69 from the previous week, and subsequently 148.80 from January.