Japanese Yen pares gains as US Dollar holds ground due to improved yields
Technical Analysis: USD/JPY hovers around 147.00 with an immediate barrier at nine-day EMA
USD/JPY trades around 146.80 on Wednesday. The daily chart analysis shows that the pair remains below the nine-day Exponential Moving Average (EMA), suggesting a bearish trend in the short term. Moreover, the 14-day Relative Strength Index (RSI) is positioned at the 30 level, suggesting a potential for a correction.
For support levels, the USD/JPY pair might test a seven-month low of 141.69, recorded on August 5, followed by a secondary support level at 140.25.
On the upside, the pair could face immediate resistance at the nine-day EMA around 147.45. A breakout above this level might reduce bearish momentum and enable the pair to approach the 50-day EMA at 153.40, with the potential to test the resistance level of 154.50, where previous support has now turned into resistance.
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