USD/JPY stays on the back foot and fluctuates in negative territory. The 50-Day Moving Average (DMA) at around the 132.50/60 area is at risk, economists at OCBC Bank report.

50-DMA in focus

“Mild bearish momentum on daily chart intact while RSI fell. Risks to the downside.”

“Support at 132.50/60 levels (50-DMA, 50% fibo) and 131.30 (61.8% fibo).”

“Resistance at 133.80 (38.2% fibo retracement of 2023 low to high), 135.40 (23.6% fibo, 21, 100-DMAs).”

See: USD/JPY could easily trade under 130 should banking sector conditions deteriorate again – ING