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USD/JPY Price Analysis: Plunges below Kumo and 154.00, turns bearish
The USD/JPY continues to fall off the cliff, dropping more than 1%, and is now more than 2% down in the week, as the pair breached key support levels. This is paving the way for further losses, and the pair trades at 153.11, down 1.08% on Wednesday. The USD/JPY pair turned bearish after decisively breaching the Ichimoku Cloud (Kumo), opening the door to test lower prices. Momentum favors sellers, as shown by the Relative Strength Index (RSI), and it could turn oversold if the pair extends its losses toward the next support area. USD/JPY's first support level would be the May 3 low at 151.86. Once surpassed, the pair ... (full story)
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- Posted: Jul 24, 2024 6:15pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 3,020
