According to @nehcap, the USDJPY pair, currently at 143.417, is experiencing a decline after a brief rise from its earlier low, and is now within a rising trend channel that is three days old. They predict that the currency pair will continue to decline further in the coming days.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• USD/JPY fades bounce off intraday low inside three-day-old rising trend channel.

The pair currently trades last at 143.417.

The previous day high was 143.87 while the previous day low was 142.69. The daily 38.2% Fib levels comes at 143.42, expected to provide resistance. Similarly, the daily 61.8% fib level is at 143.14, expected to provide support.

USD/JPY rebounds from intraday low but fails to gain upside momentum around 143.50 during early Monday. In doing so, the Yen pair prints the first daily loss in three while retreating from the highest levels since November 2022.

That said, the risk-barometer pair’s pullback from the Year-To-Date (YTD) high could be linked to overbought RSI conditions. However, an upward-sloping trend channel from the last Wednesday joins bullish MACD signals to keep the USD/JPY buyers hopeful.

Even if the pair sellers defy the bullish channel pattern by breaking the 143.20 immediate support, a fortnight-long ascending trend line, close to 142.40, acts as the additional downside filter.

It’s worth noting that an upward-sloping support line from early May and the 200-SMA, respectively near 140.80 and 139.40 are the extra checks for the USD/JPY bears before taking control.

On the flip side, an eight-week-old rising trend line, near 144.30 at the latest, restricts the immediate upside of the USD/JPY pair.

Following that, the aforementioned ascending channel’s top line of near 144.45 could act as the last defense of the USD/JPY bears.

In a case where the USD/JPY remains firmer past 144.45, the pair’s run-up towards the September 2022 high near 145.90 can’t be ruled out.

Overall, USD/JPY remains on the buyer’s radar despite the latest retreat.

Trend: Further downside expected

Technical Levels: Supports and Resistances

USDJPY currently trading at 143.5 at the time of writing. Pair opened at 143.68 and is trading with a change of -0.13% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 140.51, 50 SMA 137.81, 100 SMA @ 135.64 and 200 SMA @ 137.21.

The previous day high was 143.87 while the previous day low was 142.69. The daily 38.2% Fib levels comes at 143.42, expected to provide resistance. Similarly, the daily 61.8% fib level is at 143.14, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 142.96, 142.23, 141.77
• Pivot resistance is noted at 144.14, 144.6, 145.32

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group