Japanese Yen extends gains as traders expect BoJ to implement further rate hikes
Technical Analysis: USD/JPY falls to near 146.50
USD/JPY trades around 146.40 on Monday. Daily chart analysis indicates that the pair is slightly below the nine-day Exponential Moving Average (EMA), signaling a short-term bearish trend. Additionally, the 14-day Relative Strength Index (RSI) remains below 50, confirming the bearish momentum.
For support levels, the USD/JPY pair may test the area around its seven-month low of 141.69, reached on August 5. A further decline could push the pair toward the next “throwback support” level at 140.25.
On the upside, the USD/JPY pair could face an immediate barrier around the nine-day Exponential Moving Average (EMA) at 147.60. A break above this level might see the pair targeting the 50-day EMA at 152.78, with the potential to test the resistance level at 154.50, which has shifted from previous throwback support to current pullback resistance.
