USD/JPY Price Prediction: Pulls back after breaking out of price pattern
Source Fxstreet
- USD/JPY pulls back after breaking out of a bearish price pattern.
- The pair is still in a bear trend, however and likely to continue lower.
USD/JPY pulls back after breaking out of a bearish Broadening Formation (BF) pattern and pulls back to the 50-day Simple Moving Average (SMA). The pair is probably in a short-term downtrend which is more likely than not to extend.
The first downside target lies at 148.54, the 61.8% Fibonacci extrapolation of the height of the pattern extrapolated lower.
USD/JPY Daily Chart
Further bearishness could carry USD/JPY to the next target at 148.24, the September 2, key swing high.
The (blue) Moving Average Convergence Divergence (MACD) momentum indicator is diverging away from its red signal line which is bearish and has fallen below the zero line on an intraday basis. If it closes below zero then it will increase the bearishness of the indicator reading.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Amazon's market cap is closer to $2 trillion, quite a wide gap.
A recent technical analysis on TradingView has drawn attention to the Fantom price, with a projected 18,000% increase to reach $150 by 2025.
EUR/USD is trading over half a percent lower on Monday, with a single Euro (EUR) buying about 1.0500 US Dollars (USD) as New York awakes to the sound of alarm clocks and scent of coffee.
Apple (NASDAQ: AAPL) has been one of Berkshire Hathaway's largest holdings for some time. However, Warren Buffett and his team at Berkshire have started to unload the position, sel
The US Dollar rises, weighing on Gold, although increased geopolitical risk provides supportive inflows into the yellow metal.
Related Instrument
