Over the last couple of weeks, the USDJPY retraced strongly from the 145 price level to the 137.20 price area.
As the USDJPY reached the 145 price level, there was significant speculation about whether the BoJ was going to intervene. However, it was the weakness in the DXY that brought the USDJPY lower.
Although the USDJPY, the price failed to break above 23.60% Fibonacci retracement level while also forming a pinbar rejecting the 139 price level.
Look for the USDJPY to break below the 137.70 support level to signal a continuation of the downtrend with the next key support level at 135.66 which was last tested 16th May 2023.
As the USDJPY reached the 145 price level, there was significant speculation about whether the BoJ was going to intervene. However, it was the weakness in the DXY that brought the USDJPY lower.
Although the USDJPY, the price failed to break above 23.60% Fibonacci retracement level while also forming a pinbar rejecting the 139 price level.
Look for the USDJPY to break below the 137.70 support level to signal a continuation of the downtrend with the next key support level at 135.66 which was last tested 16th May 2023.
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Join my mailing list jindaotai.com/joinme
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.