The USD/JPY dropped 0.14% on Friday as the pair recovered some ground after hitting a 14-week low of 151.93. However, it bounced off that level and cleared key resistance levels. At the time of writing, the major trades at 153.73. USD/JPY Price Analysis: Technical outlookThe pair printed a ‘dragonfly doji’ on Thursday, though Friday’s price action failed to make a bullish candle, which could open the door for a rally at least toward the bottom of the Ichimoku Cloud (Kumo) at 156.00.Momentum suggests that sellers are in charge, as the Relative Strength Index (RSI) is bearish and almost flatlined around oversold conditions. For a bearish resumption, bears need to push prices below 153.00. Once done, the next support would be the July 25 low of 151.94, followed by the 151.00 mark. Conversely, if USD/JPY buyers want to regain control, they must reclaim the 156.00 figure to lift prices above the Kumo. USD/JPY Price Action – Daily Chart 
More By This Author:Gold Rises Amid Soft US Dollar As Traders Eye Next Week’s Fed MeetingUSD/JPY Price Analysis: Recovers And Hovers Around 154.00 Gold Sinks To Two-Week Low Despite Falling US Yields
Leave A Comment