USD/JPY pair has been trending lower in a well-defined descending channel, respecting its upper and lower boundaries. Price action recently tested the 61.8% Fibonacci retracement level (146.95), where a mild rebound is now taking shape.
Despite this, the 50-day SMA (152.84) and 200-day SMA (152.01) remain above price, acting as resistance levels should a reversal attempt materialize. The MACD remains in negative territory, confirming bearish momentum, while the RSI at 39.79 suggests the pair is approaching oversold conditions but hasn't confirmed a bullish shift yet.
Key Levels to Watch:
📉 Support: 146.95 (Fib 61.8%), 143.71 (Fib 78.6%)
📈 Resistance: 152.00 (200-day SMA), 152.84 (50-day SMA)
A break above the descending channel could suggest a reversal attempt, while continued rejection at the upper trendline favors further downside.
-MW
Despite this, the 50-day SMA (152.84) and 200-day SMA (152.01) remain above price, acting as resistance levels should a reversal attempt materialize. The MACD remains in negative territory, confirming bearish momentum, while the RSI at 39.79 suggests the pair is approaching oversold conditions but hasn't confirmed a bullish shift yet.
Key Levels to Watch:
📉 Support: 146.95 (Fib 61.8%), 143.71 (Fib 78.6%)
📈 Resistance: 152.00 (200-day SMA), 152.84 (50-day SMA)
A break above the descending channel could suggest a reversal attempt, while continued rejection at the upper trendline favors further downside.
-MW
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