USDJPY

USD/JPY is falling sharply from its early July highs. After peaking at 161.95 on July 3, it fell more than five Japanese yen to 156.50 on July 17. The breakout of the main trendline at 158.45 on July 13 was a game-changer for the pair, and when taken together with the more recent break below the July low of 157.15, it gave the chart a much more bearish outlook. The pair closed at 157.25 the previous trading day, for a daily gain of 0.06%. The pair, which is below its 20-day moving average, has the RSI at 42.15, while its momentum is at 97.38. The intraday downside is likely to be followed at 156.95. If this level is broken, supports at 156.77, 156.60 and 156.42 may become important. In case of possible increases, resistance levels at 157.31 and 157.89 will be monitored. Support: 156.950 – 156,770 Resistance: 157.310 – 157.890