USD/JPY Intraday: the RSI is oversold
Nov 7, 2024 3:20 PM
the downside prevails as long as 153.85 is resistance.
Our pivot point is at 153.85.
Our preference:
the downside prevails as long as 153.85 is resistance.
Alternative scenario:
the upside breakout of 153.85, would call for 154.56 and 154.98.
Comment:
the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 153.82 and 154.19). Finally, the USD/JPY is trading below its lower Bollinger band (standing at 153.28).
Supports and resistances:
154.98 **
154.56 *
153.85 **
153.57
153.22 last
152.34
151.92 **
151.49 *
151.07 **
Our preference:
the downside prevails as long as 153.85 is resistance.
Alternative scenario:
the upside breakout of 153.85, would call for 154.56 and 154.98.
Comment:
the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 153.82 and 154.19). Finally, the USD/JPY is trading below its lower Bollinger band (standing at 153.28).
Supports and resistances:
154.98 **
154.56 *
153.85 **
153.57
153.22 last
152.34
151.92 **
151.49 *
151.07 **
Disclaimer: References, analysis and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgment of the analyst, without considering the investment objectives and financial situation of the investors. All strategic opinions do not constitute investment advice or recommendations and are for references only. Our company also does not guarantee the accuracy of the strategic views and does not take any responsibility for the negative results caused by the trading strategies.
Related Instruments
USD/JPY
157.464
0.312
+0.20%