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Published: 5 May 2026,05:55
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USDJPY, H4:
USD/JPY experienced a sharp decline in the previous session, reflecting strong downside pressure. However, recent price action indicates a phase of consolidation, which may signal a temporary pause in the sell-off and open the door for a short-term technical rebound.
This consolidation suggests the potential for price to retrace and partially fill the imbalance created during the prior decline.
Momentum indicators support this recovery scenario. The Relative Strength Index (RSI) has moved out of oversold territory, indicating easing selling pressure, while the Moving Average Convergence Divergence (MACD) has formed a bullish crossover at lower levels—both pointing toward the possibility of a near-term rebound.
While the broader trend will depend on subsequent price action, current signals suggest that a corrective bounce may unfold in the near term.
Resistance Levels: 157.65, 158.75
Support Levels: 156.75, 155.60
DXY H4
The US Dollar Index has found support near the key $97.70 zone, where buying interest has emerged to stabilize the recent decline. The latest price action shows a rebound from this level, suggesting the potential for a near-term trend reversal.
This development indicates that downside momentum may be fading, with buyers beginning to regain control at a critical support area.
Looking ahead, the immediate level to watch is $98.57, which aligns with the 61.8% Fibonacci retracement of the recent decline. A decisive break above this level would provide stronger confirmation of a trend reversal and reinforce the bullish outlook for the index.
However, failure to clear this resistance could result in continued consolidation or a retest of the lower support zone.
Resistance Levels: 99.20, 100.30
Support Levels: 97.80, 96.65
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