Key supports at 155.50/60 and 153.61; resistance at 157.00 with potential re-test of 158.85.
The USD/JPY falls sharply on Wednesday, down by more than 1.30% and approaching the top of the Ichimoku Cloud (Kumo) at around 156.00. At the time of writing, the pair exchanged hands at 156.32 after diving from a daily high of 158.62.
USD/JPY Price Analysis: Technical outlook
The USD/JPY has dropped to a three-week low slightly above the Kumo, as more technical signals suggest the pair could extend its losses.
The Chikou Span crossed below June’s 12 candle, a bearish signal, while the Tenkan-Sen is about to cross below the Kijun-Sen at around 158.80/91. This and the USD/JPY clearing key support levels seen at 157.14 opened the door for further downside.
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