Technical Analysis: USDJPY

USDJPY was capped and declined

On Wednesday, USDJPY fell from a high level. It broke below the 157.0 mark for some time. It ended down 0.41% at 157.07.

Japanese unemployment rate climbed in January

Japanese unemployment rate (January) increased from 2.6% to 2.7% Vs. 2.6% (forecast), according to the data from Statistics Japan.

The USDX fell from a high level

On Wednesday, the USDX fell from a high level. It ended down 0.26% at 98.82.

USDJPY is likely to fall in the short term

the Chart of the Day

On the chart of the day, USDJPY fell from a high level. It is likely to retreat in the short term. In terms of technical indicators, RSI went downwards after death cross occurred, showing that USDJPY will decline further. Investors should focus on whether USDJPY will break through the support at 156.0. It will dip with potential support at 155.5 if it breaks below 156.0.

4-hour chart

On the 4-hour chart, USDJPY was prone to fluctuation and fell in the short term. The bearish market trend prevailed. In terms of technical indicators, MACD 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 157.0. It will fall if it rebounds but is capped at 157.0.

Key resistance: 157.0,158.0

Key support: 156.0,155.5

Generally speaking, USDJPY is likely to fall in the short term. Investors could sell as it rebounds during the day.