The USD/JPY registers minimal loss after hitting a daily low of 160.28, yet the major remains approaching the 161.00 figure for the second consecutive day as the Japanese authority's verbal jawboning has failed to contain the Yen’s depreciation.
USD/JPY registers minimal loss after hitting a daily low of 160.28. Technical outlook shows uptrend intact, with RSI in overbought conditions indicating strong buying momentum. Key resistance levels: psychological 161.00 and 162.00, followed by November 1986 high of 164.87 and April 1986 high of 178. Key support levels: Tenkan-Sen at 159.01, June 24 low of 158.75, Senkou Span A at 158.36, and Kijun-Sen at 157.70. The USD/JPY registers minimal loss after hitting a daily low of 160.
00, and so forth, ahead of testing November’s 1986 high of 164.87, followed by April's 1986 high of 178. Conversely, if USD/JPY drops below 160.00, the first support would be the Tenkan-Sen at 159.01, followed by June’s 24 low of 158.75. Once those levels are cleared, the next stop would be the Senkou Span A at 158.36 and then the Kijun-Sen at 157.70.
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