Japanese Yen remains stronger due to rising risk-off mood, ISM Manufacturing PMI eyed
Technical Analysis: USD/JPY tests the 21-day EMA resistance near 147.00
USD/JPY trades around 146.70 on Tuesday. Daily chart analysis shows the nine-day Exponential Moving Average (EMA) is lower than the 21-day EMA, indicating a bearish trend in the market. Additionally, the 14-day Relative Strength Index (RSI) remains below 50, indicating that the bearish trend is still in effect.
In terms of support, the USD/JPY pair might first test the nine-day Exponential Moving Average (EMA) at around 145.91. If the pair falls below this level, it could move toward the seven-month low of 141.69, recorded on August 5, and subsequently find the next support level around 140.25.
On the upside, the USD/JPY pair may test the immediate barrier at the 21-day EMA at 146.97. A break above this level could support the pair to approach the psychological level of 150.00 level, followed by the 154.50 level, which has shifted from support to resistance.
https://one.exness-track.com/boarding/sign-up/a/uq2cbl5o/?campaign=18842
