USDJPY

USD/JPY is falling rapidly 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 156.35 on the previous trading day, with a daily loss of 0.44%. The pair, which is below its 20-day moving average, has the RSI at 37.00, while its momentum is at 97.22. The intraday upside is likely to be followed at 156.90. If this level is passed, resistance levels of 157.45 and 157.80 may become important. In case of possible pullbacks, support levels of 156.00, 155.65 and 155.10 will be monitored. Support: 156,000 – 155,650 Resistance: 156,900 – 157,450