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- USD/JPY is in a phase of steady decline
USD/JPY is in a phase of steady decline
On the hourly chart, the USD/JPY pair is in a steady decline phase, breaking through the important support level of 143.45 and trading near 142.70, approaching the next key support at 142.10. The MA (200) H1 moving average is directed downwards and puts pressure on the price from above, confirming the downward trend. The MACD indicator shows an increase in the downward momentum - the histogram is expanding in the negative zone, and the MACD line is moving further away from the signal line, which indicates the dominance of sellers and the absence of signs of a reversal. If the pressure persists, the level of 142.10 may be tested in the near future, and its breakdown will pave the way for a decline to the area of 141.50. In the event of an upward pullback, the nearest resistance is the level of 143.45, but only a firm consolidation above 144.45 can weaken the current downward momentum.
Resistance levels are: 143.45, 144.45, 145.10
Support levels are: 142.10, 141.50 140.50
The main scenario for the pair's advance suggests a breakout of support at 142.10 (May 27 low) and a possible decline at 141.50 (April 23 low).
The alternative scenario assumes a breakout of 143.45 (May 30 low) and there may be an increase to 144.45 (May 30 high)
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