Technical Analysis – USDJPY fights with new 34-year high
April 23, 2024 1:27 pm
USDJPY tries to extend its bullish move
RSI and stochastics stand in overbought regions
USDJPY is battling with a fresh 34-year high today, near 154.85 but the current momentum is too weak in the pair. The RSI is pointing slightly down in the overbought territory, while the stochastic is still pointing upwards above the 80 level.
More increases could send the pair to a new peak, probably meeting the 155.00 psychological level. Above this area, the next round numbers such as 156.00 and 157.00 may come in the spotlight ahead of the 161.8% Fibonacci extension level of the downward wave from 151.95 to 138.00 at 159.15.
Alternatively, if traders switch their attention to the downside, immediate support could be found at the 20-day simple moving average (SMA) at 152.85 before slipping to the 151.95 bar. Moving lower, the 50-day SMA near the 150.87 obstacle and the medium-term rising trend line may act as turning points for the market.
Summarizing, USDJPY has lost steam lately, but the broader outlook remains bullish.
USDJPY tries to extend its bullish move
RSI and stochastics stand in overbought regions
USDJPY is battling with a fresh 34-year high today, near 154.85 but the current momentum is too weak in the pair. The RSI is pointing slightly down in the overbought territory, while the stochastic is still pointing upwards above the 80 level.
More increases could send the pair to a new peak, probably meeting the 155.00 psychological level. Above this area, the next round numbers such as 156.00 and 157.00 may come in the spotlight ahead of the 161.8% Fibonacci extension level of the downward wave from 151.95 to 138.00 at 159.15.
Alternatively, if traders switch their attention to the downside, immediate support could be found at the 20-day simple moving average (SMA) at 152.85 before slipping to the 151.95 bar. Moving lower, the 50-day SMA near the 150.87 obstacle and the medium-term rising trend line may act as turning points for the market.
Summarizing, USDJPY has lost steam lately, but the broader outlook remains bullish.
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