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Market News Analysis of the USD/JPY price indicates additional decline from 131.00

Analysis of the USD/JPY price indicates additional decline from 131.00

After hitting the greatest daily close in twenty years, the USD/JPY pair declines. MACD and RSI indicate additional gains, however a clean break above 131.00 is required for bulls. 10-DMA and 20-DMA convergence precedes a three-month-old support line to limit short-term falls.

Alina Haynes
2022-06-06
921

截屏2022-06-06 上午10.55.18.png

 

During Monday's Asian session, USD/JPY accepts offers to repeat the intraday low around 130.55 as the yen pair registers another fall from the 131.00 barrier.

 

However, Friday's closing price, the highest since early 2002, together with lately strengthened MACD indications and a positive RSI kept USD/JPY bulls optimistic about clearing the 131.00 critical resistance.

 

Subsequently, a run-up to the 61.8 percent Fibonacci Expansion (FE) of March-May movements, around 132.60, is imminent.

 

In the event that USD/JPY continues stronger than 132.60, buyers may target the 2002 high at 135.20.

 

A confluence of the 10-DMA and 20-DMA at 128.70-60, alternatively, limited the pair's immediate downward moves ahead of an upward sloping support line from early March, which was near 127.95 at the time of publication.

 

Should USD/JPY values go below 127.95, the bottom of May around 126.35 and the top of March at 125.10 will come into focus.

USD/JPY

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