USD/JPY Consolidates Above Previous Lows
XM Group | Nov 16, 2022 05:01AM ET
. The drop beneath the long-term ascending trend line is shifting the market to neutral with the technical oscillators endorsing the previous negative movement. The MACD is losing momentum below its trigger and zero lines, indicating more losses, while the RSI is still holding in the negative territory but is pointing slightly up.
Further losses should see the 137.40 support ahead of the next low of 135.55. A drop below the 200-day simple moving average (SMA) at 133.20 may act as a strong rebound for the bulls. However, more declines could shift the bias to bearish, meeting 130.37-131.35.
In the event of an upside reversal and a jump above the 140.30 resistance, it could drive the price towards the diagonal line and the 143.45-145.00 region. Marginally higher, the bearish cross within the 20- and the 50-day SMAs at 145.35 may switch the outlook back to bullish, hitting the 148.85 barrier.
All in all, USDJPY is currently failing to endorse the negative structure but any more downside movements beneath the 200-day SMA could change the broader picture to bearish.
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