Technical Analysis: USDJPY

USDJPY hit a two-week low

On Wednesday, USDJPY fell for the third straight trading day to 146.10, which marked the lowest level since 10^th July.

The USDX fell for four consecutive trading days

On Wednesday, the USDX was still weak, declining for four consecutive trading days. It ended down 0.16% at 97.16.

Ishiba Shigeru reiterated his willingness to stay in office

On the 23rd July, Japanese Prime Minister Ishiba Shigeru reiterated his willingness to stay in office and denied the rumor that he will resign, following a talk with executive directors of the liberal democratic party. 

The bearish market trend prevailed

the Chart of the Day

On the chart of the day, USDJPY continued falling. The bearish market trend prevailed in the short term. In terms of technical indicators, MACD went downwards after death cross occurred, showing that USDJPY will fall further. Investors should focus on whether USDJPY will break through the support at 145.2. It will decline with potential support at 143.3 if it breaks below 145.2.

4-hour chart

On the 4-hour chart, USDJPY was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether USDJPY will break through the resistance at 146.6. It will fall if it rebounds but is capped at 146.6.

Key resistance: 146.6,147.2

Key support: 145.2,143.3

Generally speaking, USDJPY is more likely to fall in the short term. Investors should focus on US economic data during the day.