USD/JPY PRICE FORECAST: CONSOLIDATES AROUND 144.00 AFTER OVER 1.60 % LOSS
- USD/JPY drops over 4.90% to a low of 141.69 during Asian session before rebounding to 144.16.
- Technical outlook: Downward bias with potential for mean-reversion move as RSI indicates overextension.
- Key resistance levels: 145.00, February 1 bottom at 145.89, and March 11 level at 146.48.
- Key support levels: 144.00, January 9 pivot low at 143.42, and August 5 bottom at 141.69.
The Japanese Yen extended its rally on Monday, registering more than 1.63% gains. This witnessed the USD/JPY drop over 4.90% during the Asian session to a low of 141.69 before trimming some losses and regaining the 144.00 mark. At the time of writing, the USD/JPY trades at 144.16, virtually unchanged as Tuesday’s Asian session begins.
USD/JPY Price Forecast: Technical outlook
The USD/JPY is downward biased yet has found a bottom at around 141.69. Once hit, buyers emerged at the bottom and lifted the exchange rate since the mid-North American session. The latest push saw spot prices above 144.00 as momentum shows the downtrend is overextended, as shown by the Relative Strength Index (RSI).
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