Technical Overview
• Current Price: ~142.50, down from March's high of 158.86.
• Recent Performance: Weekly decline of nearly 2%, monthly decrease of approximately 3.5%.
Support Levels:
• 144.54: Breach may signal further downside.
• 143.57: 61.8% Fibonacci projection as a bearish target.
• 139.26: 38.2% retracement level acting as medium-term support.
Resistance Levels:
• 146.76: Minor resistance; surpassing it could indicate short-term recovery.
• 151.20: Major resistance; breaking above challenges bearish outlook.
Indicators:
• RSI: Nearing oversold territory, suggesting potential rebound.
• MACD: Downward trend, reinforcing bearish momentum.
Fundamental Factors
• U.S. Dollar Weakness: Pressure due to trade tensions and weak economic growth, boosting demand for the Yen.
• BoJ Policy: Possible rate hike to 0.5% strengthening the Yen.
• Global Risk Sentiment: Geopolitical uncertainties and market volatility increasing Yen's appeal.