Daily Chart
Following last week’s sell-off, the USD/JPY remains below the 50-day and 200-day EMAs, sending bearish price signals.
A USD/JPY break above the 200-day EMA would support a move toward the 50-day EMA. A breakout from the 50-day EMA may enable the bulls to target the 156.884 resistance level next.
Conversely, a USD/JPY drop below the February 7 low of 150,925 could bring the 149.358 support level into sight.
The 14-day Relative Strength Index (RSI) at 32.02 suggests a USD/JPY fall to the 149.358 support level before entering oversold territory (RSI below 30).
