Technical Analysis – USDJPY struggles to close above 130.00
January 30, 2023 2:26 pmVideo
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USDJPY is battling with the medium-term downtrend line and the 20-day simple moving average (SMA) near the 130.00 psychological mark. The bearish picture looks to last for a while longer after prices failed to break above the upper channel and the 131.20 resistance.
The negative bias in the near term is supported by the deterioration in the momentum indicators. The %K line of the stochastic oscillator has fallen and posted a bearish crossover with the %D line. However, the RSI is pointing marginally up in the negative area.
If prices continue to head lower, support should come from the 61.8% Fibonacci retracement level of the upward wave from 114.64 to 151.93 at 128.70. A drop below this level would reinforce the bearish view and open the way towards the seven-month low of 127.21, which has been a major support in the past.
However, should an upside reversal take form, immediate resistance will likely come from the 131.20 barrier. A break above it could shift the bias to a neutral one, with the next resistance coming from the 50.0% Fibonacci at 133.10 before re-challenging the 50-day SMA at 133.73.
All in all, USDJPY has been in a downtrend since October 2022 and only a climb beyond the 200-day SMA at 136.85, it may change this view.
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