30-mins USD/JPY: Is The Dollar Sliding Further South

9 dic

Over the past month, USD/JPY has fallen by over 600 pips, with the price now more than 1,000 pips below its summer highs. Despite an 80-pip rebound since Friday, the overall momentum remains strongly bearish, as confirmed by a "Death Cross," where the 20 MA dropped below the 60 MA. Last week, the RSI dipped into oversold territory, attracting short-term buyers who pushed prices higher. This temporary uptrend could extend to 150.50, aligning with the critical 61.8% Fibonacci retracement level. Should this level act as resistance, further declines are likely. Traders aiming to align with the broader bearish trend might consider selling USD/JPY around this higher swing point near 150.50 for a better risk-to-reward ratio.