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- USD/JPY Price Analysis: Plunges to near 100-EMA for the first time in 11-months
USD/JPY Price Analysis: Plunges to near 100-EMA for the first time in 11-months
- USD/JPY has continued its four-day losing streak after surrendering 131.60.
- The yen bulls have dragged the asset to near 100-EMA for the first time in 11 months.
- A bearish range shift by the RSI (14) adds to the downside filters.
The USD/JPY pair carry-forwarded its four-day losing streak on Tuesday after violating Monday’s low at 131.60 in the early Tokyo session. The pair has surrendered around 6.4% from its recent high of 139.39 printed on July 14.
The asset is declining sharply after a breakdown of the rising wedge on the daily scale. Usually, a rising wedge indicates a loss of momentum in an uptrend that advocates a vertical downside move.
The pair has plunged to a near 100-period Exponential Moving Average (EMA) at 130.29 for the first time in 11 years. Also, the 20-EMA at 135.26 has turned towards the south, which adds to the downside filters.
Meanwhile, the Relative Strength Index (RSI) (14) has established in the bearish range of 20.00-40.00, which indicates more downside ahead.
For more downside, the yen bulls need to push the asset below Tuesday’s low at 139.30 decisively. This will drag the asset towards May 23 high at 128.06, followed by the round-level support at 127.00.
Alternatively, the greenback bulls could regain their glory if the asset scales above the 50-EMA at 134.00, which will send the asset towards July 11 low at 135.95. A breach of the latter will drive the major towards July 22 high at 137.95.
USD/JPY daily chart
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