[20 July 2024]
Today, Saturday 20 July 2024, StockCharts365.com has taken a closer look at one of the world's major currency pairs in Forex, the U.S. Dollar/Japanese Yen (USD/JPY).
What does the technical picture now signal about the upcoming development for USD/JPY? Today, StockCharts365.com has taken a closer look at this.
Read more about this below in the case here.
First a little about the U.S. Dollar/Japanese Yen (USD/JPY):
USD/JPY is the forex ticker that shows the value of the US Dollar against the Japanese Yen.
It tells traders how many Yen are needed to buy a US Dollar.
The Dollar-Yen is one of the most traded forex pairs - second only to EUR/USD - and is a benchmark for Asian economic health and even the global economy.
Technical Analysis of the U.S. Dollar / Japanese Yen (USD/JPY)
Technical Analysis of the U.S. Dollar / Japanese Yen (USD/JPY):
USD/JPY has shown a strong performance since the beginning of 2023, moving within a long-term uptrend.
The long-term uptrend is intact, but now the exchange rate for USD/JPY is falling after testing the resistance level up against the upper trend line in the uptrend twice in recent months.
There has also recently been a break down from the short-term rising trend, and below an important technical support level around 158.00 (cf. chart).
There has also been a break below the 50-day moving average.
There is now technical resistance for USD/JPY around 158.00 and up against the 50-day moving average, and there is a test of this resistance level these days.
Based on the overall technical picture now for USD/JPY, further decline is signaled in the short term, and down to the 200-day moving average and down towards a significant and important technical support level around 150.00 - 152.00.
Down towards this level, i.e. around 150.00 - 152.00, there could be further upswing again within the long-term upward trend for USD/JPY, but in the short term now a further decline is signaled for USD/JPY to around 150.00.
StockCharts365.com also took a closer look recently (05 July 2024) at EUR/USD, which indicates that the USD may also weaken against the EUR going forward:
"EUR/USD could rise from 1.08 to 1.26 in a short time now. So keep a close eye on EUR/USD in the coming days and weeks."
NB! Remember to have read and understood the disclaimer.
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