USD/JPY Technical Setup: Yen Strength Tests Key Support
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USD/JPY is under pressure as intervention-driven yen strength collides with a bid in Treasury yields, creating a tug-of-war visible on the daily chart. Price has slipped toward a well-defined support shelf built over the past several sessions, with the 50-day EMA acting as dynamic support just below current price.
RSI has pulled back from overbought territory above 70 into the mid-50s, signaling the recent bullish momentum is cooling but not yet reversed. A decisive close below the support shelf would open a retest of the prior swing low, while a bounce keeps the broader uptrend structure intact.
MACD is flattening near the signal line, a classic pre-decision pattern that traders should watch for a directional cross in either direction.