ILS/JPY Technical analysis

Source: Dukascopy Bank SA
After a sharp sell-off, the price has found temporary footing and is now moving sideways in a narrow range directly on top of the critical support level at 42.60. The bearish outlook is strongly reinforced by the moving averages, which are stacked in a bearish formation and remain far above the current price, acting as heavy resistance. Furthermore, the slow-moving 100-period RSI is at a low level, confirming a sustained lack of bullish momentum.



Given the overwhelming bearish context, a breakdown below the 42.60 support is the more probable scenario, which would signal a continuation of the downtrend. Any significant recovery would seem unlikely without first breaking out of the current tight consolidation range.
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