The post Struggles below 158.00 after intervention, eyes further decline appeared on BitcoinEthereumNews.com.

USD/JPY minimal losses of 0.02% but holds below key 158.00 level. Momentum shifts to sellers, with RSI indicating a neutral to bearish bias. Key support levels at 157.14 and 156.91 could lead to further declines below 155.60. The USD/JPY trades had minimal losses of 0.02%, yet they recovered some ground late in the North American session. The major exchanges hands at 157.94, below the 158.00 figure, following last week’s intervention that dragged the pair from around 161.90 toward 157.50. USD/JPY Price Analysis: Technical outlook Although the USD/JPY price action remains above the Ichimoku Cloud (Kumo), indicating that the uptrend remains intact, the pair trades below the Tenkan and Kijun-Sen, breaching the Senkou Span A previous support turning resistance. Momentum has shifted in the seller’s favor, as depicted by the Relative Strength Index (RSI), hinting that the pair is neutral to bearishly biased. Given the backdrop, the USD/JPY path of least resistance is downwards. Therefore, the USD/JPY’s first support would be the July 15 low of 157.14. Once surpassed, the next support would be the Senkou Span B at 156.91, before cracking the Kumo, pushing the exchange rate below 155.60. Conversely, if USD/JPY climbs past the 158.00 mark and extends its rally above the July 12 high of 159.45, that would pave the way for a challenge of 160.00. 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…

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Filed under: News - @ July 16, 2024 12:26 am