USDJPY

USD/JPY is falling rapidly from its early July highs. After peaking at 161.95 on July 3, it fell to 154.50 on the back of the Japanese Yen intervention. 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 152.15, it gave the chart a much more bearish outlook. The pair closed at 152.80 on the previous trading day, with a daily gain of 0.01%. The pair, which is below its 20-day moving average, has an RSI of 26.63, while its momentum is at 96.67. The intraday downside is likely to be followed at 152.37. If this level is broken, supports at 151.63, 150.47 and 149.33 may become important. In case of possible increases, resistance levels at 153.93, 155.07 and 156.23 will be monitored. Support: 152.370 – 151.630 Resistance: 153.930 – 155.070