USD/JPY Price Analysis: Bounces off daily low, finds support near 50-hour SMA/38.2% Fibo. By HareshMenghani USDJPY BOJ Fed Technical Analysis Currencies
The Fed-BoJ policy divergence extended some support and helped limit any further losses.The USD/JPY pair came under a certain amount of selling pressure on the last day of the week and eroded a part of the overnight strong gains to a fresh two-decade high. The pair remained on the defensive through the first half of the European session, albeit managing to rebound a few pips from the daily low and was last seen trading just below the mid-130.00s.
The US dollar witnessed an aggressive long-unwinding trade and snapped a six-day winning streak to the five-year high. This, in turn, was seen as a key factor that exerted downward pressure on the USD/JPY pair. That said, a big divergence in theFrom a technical perspective, the intraday downtick stalled near the 129.75 region, or the 50-hour SMA. This also coincided with the 38.2% Fibonacci retracement level of the strong gains recorded over the past two trading sessions.
Spot prices could then accelerate the decline towards testing the 50% Fibo. level support, around the 129.00 round-figure mark. The downward trajectory could further extend towards the 61.8% Fibo. level, around the 128.60-128.55 region, which coincides with the 200-hour SMA and should act as strong base for theOn the flip side, immediate resistance is pegged near the 130.75 area ahead of the 131.00 round-figure mark and the post-BoJ swing high, around the 131.25 region.
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