CloseOption Knowledgebase

USDJPY Technical Analysis 

An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

 

• First key support level of EUR/USD: 1.058096
• Second Key support level of EUR/USD: 1.052013
• Third Key support level of EUR/USD: 1.041133
• First key resistance level of EUR/USD: 1.062825
• Second Key resistance level of EUR/USD: 1.06502
• Third Key resistance level of EUR/USD: 1.071165

• First key support level of USD/CHF: 0.925631
• Second Key support level of USD/CHF: 0.921707
• Third Key support level of USD/CHF: 0.914783
• First key resistance level of USD/CHF: 0.934791
• Second Key resistance level of USD/CHF: 0.939888
• Third Key resistance level of USD/CHF: 0.945672

• First key support level of GBP/USD: 1.201322
• Second Key support level of GBP/USD: 1.190222
• Third Key support level of GBP/USD: 1.18
• First key resistance level of GBP/USD: 1.21077
• Second Key resistance level of GBP/USD: 1.22
• Third Key resistance level of GBP/USD: 1.234347

• First key support level of USD/JPY: 131.439326
• Second Key support level of USD/JPY: 130.52691
• Third Key support level of USD/JPY: 129
• First key resistance level of USD/JPY: 132.721966
• Second Key resistance level of USD/JPY: 134.498708
• Third Key resistance level of USD/JPY: 135.752584

 

An overview of the status of the USD/JPY currency pair.

As mentioned in the previous analysis of the USD/JPY on 27.10.2022, according to the technical evidence in the chart, the price had the potential to fall and decrease, and according to the analysis, the prices experienced a decrease and a downward trend.

Over the past two months, the price has experienced a relatively substantial decline, and during this downward trend, sellers have so far succeeded in obtaining the lowest support level of 129.510.

According to the current conditions in the long-term charts, such as monthly and weekly, there is still no clear and transparent reason for the price to rise. If the price floor of 129.510 is threatened and destroyed, the price will have the potential to fall further and reach the support level of 126.5. (warning for mid-term buyers)

In shorter periods, such as daily, the price has stopped falling further by reaching the support levels of 130.00 rands, and by forming a star and hammer candlestick pattern, it has issued the first warning for the formation of a price floor and the rise. (If an ascending candle is formed, the current price floor will be strengthened)

According to the type of price movements formed in the chart, between the price ceiling of 138.158 and the price floor of 129.510, a non-ideal harmonic pattern of AB = CD types with ratios of 50 and 127.2 Fibo Nachi has been formed, which issues a rise warning from point D.

In general, due to the price being oversold, if the support floor of 129.510 is reached, the price will have the potential to rise and increase. In this regard, buyers will look for resistance levels of 131.410 and up to 132.000.

 

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