- A swift downside break of 50-EMA has weakened the greenback bulls.
- The RSI (14) has slipped below 40.00 for the first time in the past six months.
- Bears are unleashed now and may drag towards the psychological support of 130.00.
The USD/JPY pair has given a downside break of the consolidation formed in a narrow range of 134.18-134.67 in the Asian session. The downside break is extremely sheer and has dragged the asset below 133.23 in no time. Yen bulls don’t seem losing their stream anytime soon and will drag the asset further ahead.
On the daily scale, a downside imbalance move from the inventory distribution formed in a range of 135.57-137.96 has dragged the asset swiftly. The major has tumbled from the 50-period Exponential Moving Average (EMA) at 132.99, which confirms that the short-term trend has turned bearish.
The 100-period EMA at 130.33 is still advancing and holds the bullish long-term context for now.
Meanwhile, the Relative Strength Index (RSI) (14) has slipped below 40.00 for the first time in the past six months. The momentum oscillator indicates more downside, shows no signs of divergence, and is oversold for now.
A decisive move below Friday’s low at 133.00 will drag the asset towards the demand zone in a 131.28-131.54 range, followed by psychological support at 130.00.
On the flip side, the greenback bulls could defend the odds of a bearish reversal if the asset oversteps July 22 high at 137.96, which will drive the asset towards July 21 high at 138.88. A breach of the latter will send the major towards all-time highs at 139.39.
USD/JPY daily chart
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