The post Plunges below Kumo and 154.00, turns bearish appeared on BitcoinEthereumNews.com.

USD/JPY falls more than 1.08%, breaking through key supports. Strong seller momentum; RSI suggests nearing oversold conditions. Key support at 151.86; resistance at 156.00 required for buyer control and Ichimoku Cloud breach. The USD/JPY continues to fall off the cliff, dropping more than 1%, and is now more than 2% down in the week, as the pair breached key support levels. This is paving the way for further losses, and the pair trades at 153.11, down 1.08% on Wednesday. USD/JPY Price Analysis: Technical outlook The USD/JPY pair turned bearish after decisively breaching the Ichimoku Cloud (Kumo), opening the door to test lower prices. Momentum favors sellers, as shown by the Relative Strength Index (RSI), and it could turn oversold if the pair extends its losses toward the next support area. USD/JPY’s first support level would be the May 3 low at 151.86. Once surpassed, the pair could aim towards the October 21, 2022, peak, which turned support at 151.94. Conversely, if USD/JPY buyers would like to regain control, they must reclaim the 156.00 figure so that they could lift prices above the Kumo. USD/JPY Price Action – Daily Chart Japanese Yen FAQs The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The current BoJ ultra-loose monetary policy, based on…

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Filed under: News - @ July 25, 2024 12:24 am