Japanese Yen appreciates as economic growth lend support for BoJ's hawkish stance
Technical Analysis: USD/JPY falls toward 148.50; next support at nine-day EMA
USD/JPY trades around 148.80 on Friday. According to the daily chart analysis, the pair is above the nine-day Exponential Moving Average (EMA), signaling a short-term bullish trend. Still, the 14-day Relative Strength Index (RSI) remains below 50, and an additional rise would confirm the bullish momentum.
In terms of support levels, the USD/JPY pair may encounter immediate support at the nine-day EMA, around 148.09. If the pair falls below this level, it could strengthen the bearish outlook and push the pair toward the seven-month low of 141.69 recorded on August 5. A continued decline could bring the pair closer to the next support level at 140.25.
On the upside, the USD/JPY pair could aim for the 50-day EMA at 153.08, with the possibility of testing the resistance level at 154.50, which has transitioned from previous throwback support to current pullback resistance.
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