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- USD/JPY shows a weak recovery attempt
USD/JPY shows a weak recovery attempt
On the hourly chart, the USD/JPY pair is showing a weak attempt to recover after a period of decline, remaining below key resistance levels and the MA (200) H1 moving average. The price is hovering around 143.85 after rebounding from support at 142.70. The resistance levels at 144.30 and 145.00 are still relevant, with the 200 SMA exerting additional pressure from above. The MACD indicator shows a weak positive momentum, but the histogram remains close to the zero line, which indicates the absence of a pronounced trend and possible consolidation. A breakdown of the 144.30 level up may be a signal for continued recovery, while a return below 143.30 will increase pressure on the bulls with the risk of a repeat test of 142.70. Overall, the technical picture remains neutral with a bearish bias as long as the price is trading below 145.00.
Resistance levels are: 144.30, 145.00, 145.95
Support levels are: 143.30, 142.70, 142.10
The main scenario for the pair's progress suggests a decline to 143.30 (July 2 low) and then, maybe, to 142.70 (July 1 low).
An alternative scenario assumes a breakout of the resistance at 144.30 (July 2 high) and there may be an increase to 145.00 (June 27 high).
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