The USD/JPY remained in a consolidation last week. The pair is eying the Bank of Japan’s meeting next week that may stimulate the market.
Technically, the pair remains supported by the 200-day SMA. However, the support looks feeble and may be dominated by the sellers. The upside potential has been barred by the 20-day SMA. The potential formation of a bullish crossover between 50-day and 100-day SMAs threatens further drop for the pair.
Key levels to watch
Support 1: 135.60
Support 2: 134.80
Support 3: 133.50
Resistance 1: 138.05
Resistance 2: 140.00
Resistance 3: 140.75
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