Japanese Yen holds losses, downside seems limited due to a hawkish BoJ
Technical Analysis: USD/JPY tests a psychological level at 145.00
USD/JPY trades around 144.90 on Tuesday. Analysis of the daily chart shows that the pair is testing the downtrend line, suggesting a weakening bearish bias. However, the 14-day Relative Strength Index (RSI) remains slightly above 30, suggesting a confirmation of a bearish trend.
On the downside, if the USD/JPY pair stays below the downtrend line, it could hover around the seven-month low of 141.69, recorded on August 5. A break below this level might push the pair toward the throwback support at 140.25.
In terms of resistance, the USD/JPY pair may challenge the immediate barrier at the nine-day Exponential Moving Average (EMA) around the 145.67 level. A breakthrough above this level could pave the way for the pair to explore the area near the throwback-turned-resistance at 154.50.
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