<p class=“MsoNormal“>On the daily chart below, we can
see that the pair keeps on falling pretty hard as Treasury yields keep sagging
due to the market pricing in the end of the Fed hiking cycle and several rate
cuts this year. This fast repricing was caused by the recent banking woes
around the regional banks. </p><p class=“MsoNormal“>The <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
averages</a> have crossed to the downside indicating a downtrend. The price though
is a bit overextended now, as we can see from the distance between the price
and the blue short term period moving average, which is generally a sign of a
looming pullback. </p><p class=“MsoNormal“>USD/JPY technical analysis</p><p class=“MsoNormal“>On the 4 hour chart below, we can
see that the market is trading within a downward channel. We can also see that
the price is <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-divergence-20220429/“>diverging</a> with the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-macd-20220427/“>MACD</a> which is another sign of a
possible pullback as the selling momentum gets weaker. It’s hard to envision a
pullback without good US economic data though. Today we have the <a target=“_blank“ href=“https://www.forexlive.com/EconomicCalendar“>US PMIs</a> and we should see the price
rallying in case the data beat expectations and falling in case the data
misses.</p><p class=“MsoNormal“>On the 1 hour chart below, we
have a <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> that defines the current trend.
The buyers will need a break above it to target the top of the channel, while
the sellers will try to lean on it with the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-confluence-20220318/“>confluence</a> of the red long period moving
average as their first try for new shorts. </p>
This article was written by ForexLive at www.forexlive.com.
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