USDJPY higher on PM Ishiba's resignation but well off the earlier highs ...Middle East

That rally was quickly unwound, with the pair sliding to a European morning low of 147.457, pushing briefly below the 200-hour moving average at 147.727. Over the past several hours, price action has stabilized but remains choppy, with the pair oscillating above and below this key long-term average as traders digest two competing forces: Friday’s sharp downside move driven by a weak U.S. jobs report, and the weekend’s political shock from Ishiba’s resignation, which initially fueled strong yen selling.

From a broader perspective, buyers managed last week to push USDJPY above its 200-day moving average at 148.735 (highest green line on the on the chart above) on Tuesday and Wednesday. However, momentum stalled after failing against the 61.8% retracement at 149.110 on Wednesday. Sellers then leaned against the 200-day moving average late Wednesday and again Thursday, before Friday’s sharp drop (on the jobs report). Today’s high came in below Thursday’s peak and also stalled near the 50% midpoint, reinforcing bearish control and giving sellers the green light to press lower.

For buyers to regain momentum, it would take a move back above the 147.95–148.166 swing area, followed by a break of the falling 100-hour moving average at 148.192. Clearing those levels would shift the bias back to the upside. Absent that, the tilt remains to the downside, with a break below today’s low (at 147.45) opening the path toward 147.075, and further down to the 146.54–146.80 swing area.

This article was written by Greg Michalowski at investinglive.com.

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