USDJPY hits 7-month lows: recovery or bear trap?
USDJPY hit a 7-month low at 152.88! Oversold #Stochastic hints at a temporary bounce to 155.20 resistance, but RSI < 30 & a bearish SMA cross target 154.00 & 152.30. Invalidation above 155.80.
XM Group
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2 days ago
Overview: USDJPY has plummeted, carving out a fresh seven-month low at 152.88. Following this aggressive sell-off, a temporary bounce is anticipated before the broader short-term downtrend resumes.
Momentum: Both the RSI and the Stochastic oscillators are reinforcing the negative outlook, the 20- and 200-day SMAs are nearing a bearish cross.
Bearish Scenario: A short-term relief rally looks likely to recover lost ground, potentially retesting resistance near 155.20 before price pulls back toward the 154.00 psychological support. A breakdown below this level opens the door to the February low at 152.30.
Risk: A sustained rally above the long-term uptrend line near 155.80 would invalidate the bearish outlook.
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