USD/JPY Forms Doji, Consolidates Near 143.50

The USD/JPY pair formed a doji candlestick pattern on Tuesday, ending the day unchanged at around 143.58. Despite the pair’s seesaw movement within a 150-pip range, it closed with minimal gains.

USD/JPY Technical Analysis:

  • Downtrend Continues: The overall downtrend for USD/JPY remains intact.
  • RSI Indicates Consolidation: The Relative Strength Index (RSI) suggests a potential for consolidation in the near term.
  • Potential Support and Resistance Levels:
    • Upside: 144.53, 145.00, 145.47
    • Downside: 142.98, 141.65, 139.58

USD/JPY Overall Outlook:

The USD/JPY pair is likely to remain in a consolidation phase, with potential support and resistance levels identified. Traders should monitor technical indicators for signs of a trend reversal.

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