USD/JPY extends its losses as the US Dollar (USD) weakens on the back of the dovish Federal Reserve’s (Fed) outlook in the first quarter of 2024. The USD/JPY pair trades lower around 140.80 during the early European session on Thursday. The 141.00 psychological level emerges as the immediate resistance following the next barrier at the 142.00 level.if there is a breakthrough above the psychological level, it may support the USD/JPY pair to reach the nine-day Exponential Moving Average (EMA) at 142.41, following the psychological resistance at the 143.00 level. If the pair successfully surpasses this level, the next barrier would be the 23.6% Fibonacci retracement level at 143.35.The 14-day Relative Strength Index (RSI) below the 50 level indicates a weaker sentiment for the USD/JPY pair. Additionally, the Moving Average Convergence Divergence (MACD) line is positioned below the centerline and the signal line, signaling a bearish momentum in the market for the USD/JPY pair.The bearish sentiment could potentially lead the USD/JPY pair towards the major support region around 140.50. If there is a decisive break below this level, it may open the door for the pair to test the psychological level at 140.00.
USD/JPY: Daily Chart 
USD/JPY: Additional Technical Levels To Watch
More By This Author:Forex Today: US Dollar Remains Fragile Ahead Of Mid-Tier US Data
Gold Price Forecast: XAU/USD Rises Toward $2,100 On Dovish Fed Outlook
EUR/USD Holds Above The 1.1100 Mark, US Jobless Claims Data Eyed
Related Posts
Gold Prices Climb As Investors Seek Safety
VanEck and ProShares apply to withdraw Ethereum ETF filings from SEC
Moody’s: Bonds And Stocks Overvalued, Watch Out For Liquidity Event
World-Class Profitability At Carlsberg Brewery Malaysia
Payrolls Disaster: Only 142K Jobs Added In September With Zero Wage Growth; August Revised Much Lower
EC
Earnings Expected To Decline For 5 Consecutive Quarters
Leave A Comment