USD/JPY: Japanese Yen Gets Assistance From 143.40 Support
2024.08.28 04:15
- USD/JPY retains bearish bias
- MACD and RSI try to gain some momentum
- 23.6% Fibonacci acts as strong resistance
is continuing its descending movement, especially after the failed attempt to jump above the uptrend line and the 38.2% Fibonacci retracement level of the down leg from 161.94 to 141.60 at 149.50.
As the market remains beneath the 23.6% Fibonacci of 146.45 and the 20-day simple moving average (SMA), there is no notable sign for an upside retracement.
However, the technical oscillators indicate a weak bearish structure. The MACD is still in the negative territory but above its trigger line, while the RSI is sloping marginally up near the 30 level.
More downside movements could find immediate support at the 143.40 level, which is ahead of the more than seven-month low of 141.60, before posting a lower low at 140.20, which was registered on December 24.
If the bulls take control, then the 23.6% Fibonacci of 146.45 and the 38.2% Fibonacci of 149.50 are the next obstacles. Even higher, a penetration of the 200-day SMA at 151.30 could be a signal for an upside correction.
In brief, USD/JPY retains the bearish structure that started after it topped at 161.94, but in the bigger picture, the pair is bullish, holding well above the 200-week SMA.
