Macro: Sandcastle economics
Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.
Technical Analyst, Saxo Bank
USDJPY touched the 0.6518 retracement at 144.62 and has formed a doji morning bottom and reversal-like pattern (circled, not textbook perfect but nevertheless) indicating a rebound.
Despite RSI not showing divergence, we could still see a bounce up to the resistance at around 149.40.
Indications of this scenario playing out include RSI closing back above the 40 threshold.
A break below the low of the doji candle will demolish the reversal pattern and likely push USDJPY lower to 143.30, possibly even below 142.50