empty
 
 
09.12.2022 08:17 PM
USD/JPY retests neckline

The USD/JPY pair rebounded in the short term but the bias remains bearish. You knew from my previous analysis that the price action developed a Head & Shoulders pattern which could trigger more declines.

Fundamentally, the US reported better-than-expected data but the USD remains weak in the short term. The PPI, Core PPI, Prelim UoM Consumer Sentiment, and the Final Wholesale Inventories came in better than expected.

Still, the USD is sluggish as the US is to release its inflation data on Tuesday and most important, the FED is expected to increase the Federal Funds Rate by 50 bps on Wednesday.

USD/JPY Downside Pressure!

This image is no longer relevant

Technically, the bias remains bearish as long as it stays under the downtrend line. As you can see, the rate dropped below the neckline but it has failed to stabilize under the weekly pivot point of 135.94.

It's trapped between 136.88 and 135.76 levels. Escaping from this pattern could bring new opportunities.

USD/JPY Forecast!

Staying below the neckline (minor broken uptrend line) and under 136.88, USD/JPY could slip lower. Breaking below 135.76 and making a new lower low activates more declines and is seen as a selling signal.

Jumping and stabilizing above the 136.88 static resistance invalidates the Head & Shoulders pattern.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $1000 más!
    ¡En Abril, sorteamos $1000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback