Japanese Yen loses ground as BoJ appears to be in no rush to raise rates
Technical Analysis: USD/JPY tests 144.50 near the upper boundary of the descending channel
USD/JPY trades around 144.40 on Monday. The daily chart analysis shows that the pair is moving higher within a descending channel. A break above the upper level of the channel would lead to a momentum shift from bearish to bullish bias. Additionally, the 14-day Relative Strength Index (RSI) is slightly below the 50 level. A break above this threshold could signal the emergence of bullish sentiment.
On the upside, the immediate resistance appears at the upper boundary of the descending channel around the 144.70 level. A breakthrough above this level could support the USD/JPY pair to test the psychological level of the 145.00.
On the downside, the USD/JPY pair could test the 21-day Exponential Moving Average (EMA) at the 143.76 level, followed by the nine-day EMA at the 143.00 level. A break below the latter could push the pair to revisit the 139.58, which is the lowest level since June 2023.
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