The USD/JPY retreated more than 0.70% on Monday following softer-than-expected business activity data in the United States (US).
USD/JPY retreats as it forms a bearish engulfing candle chart pattern. Technical outlook: USD/JPY drops below Ichimoku Cloud top at 155.95, hinting at potential further declines. Key support levels: Tenkan-Sen at 154.92, 50-DMA at 154.74, and trendline at 154.20; resistance at Kumo top 156.15/20 and May 29 high of 157.71. The USD/JPY retreated more than 0.70% on Monday following softer-than-expected business activity data in the United States .
Even though momentum favors buyers, as depicted by the Relative Strength Index , it has turned flat close to the 50 midlines, about to enter bearish territory. In the short term, the USD/JPY is neutral to downward biased. The first support would be the Tenkan-Sen at 154.92, followed by the 50-day moving average at 154.74. Once cleared, the next stop would be an upslope support trendline at 154.20 before testing the bottom of the Kumo at 153.30/40.
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