#USDJPY @ 139.147 USDJPY snaps two-day downtrend but struggles to defend buyers around 11-week low., @nehcap view: Further weakness expected (Pivot Orderbook analysis)
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- USDJPY snaps two-day downtrend but struggles to defend buyers around 11-week low.
- 2.5-month-old horizontal area challenges buyers amid bearish MACD.
- Oversold RSI restricts immediate downside around 61.8% Fibonacci retracement level.
The pair currently trades last at 139.147.
The previous day high was 142.49 while the previous day low was 138.47. The daily 38.2% Fib levels comes at 140.0, expected to provide resistance. Similarly, the daily 61.8% fib level is at 140.95, expected to provide resistance.
USDJPY bulls struggle to keep the reins around the lowest levels since late August, despite positing the first daily gains in three around 139.15 during early Monday.
In doing so, the yen pair bounces off the 61.8% Fibonacci retracement level of the pair’s August-October upside, also known as the “golden ratio”. Also underpinning the current rebound are the oversold RSI (14) conditions.
However, a horizontal area comprising multiple levels marked since late August, around 140.25-40, guards the immediate upside of the USDJPY pair. Additionally challenging the pair buyers is the 100-DMA hurdle surrounding 140.80.
In a case where the quote remains firmer past 140.80, the support-turned-resistance line from early August, near 144.40, will be in the spotlight.
Alternatively, a daily closing below the stated golden ratio, around 138.65, could trigger a fresh bout of selling.
Following that, the early August swing high around 135.60 could test the USDJPY bears before directing them to August month’s low near 130.40.
Overall, USDJPY remains on the bear’s radar despite the latest corrective bounce.
Trend: Further weakness expected
Technical Levels: Supports and Resistances
USDJPY currently trading at 139.2 at the time of writing. Pair opened at 138.68 and is trading with a change of 0.37% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 139.2 |
| 1 | Today Daily Change | 0.52 |
| 2 | Today Daily Change % | 0.37% |
| 3 | Today daily open | 138.68 |
The pair is trading below its 20 Daily moving average @ 147.07, below its 50 Daily moving average @ 145.39 , below its 100 Daily moving average @ 140.77 and above its 200 Daily moving average @ 132.74
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 147.07 |
| 1 | Daily SMA50 | 145.39 |
| 2 | Daily SMA100 | 140.77 |
| 3 | Daily SMA200 | 132.74 |
The previous day high was 142.49 while the previous day low was 138.47. The daily 38.2% Fib levels comes at 140.0, expected to provide resistance. Similarly, the daily 61.8% fib level is at 140.95, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 137.27, 135.86, 133.25
- Pivot resistance is noted at 141.28, 143.89, 145.3
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 142.49 |
| Previous Daily Low | 138.47 |
| Previous Weekly High | 147.57 |
| Previous Weekly Low | 138.47 |
| Previous Monthly High | 151.94 |
| Previous Monthly Low | 143.53 |
| Daily Fibonacci 38.2% | 140.00 |
| Daily Fibonacci 61.8% | 140.95 |
| Daily Pivot Point S1 | 137.27 |
| Daily Pivot Point S2 | 135.86 |
| Daily Pivot Point S3 | 133.25 |
| Daily Pivot Point R1 | 141.28 |
| Daily Pivot Point R2 | 143.89 |
| Daily Pivot Point R3 | 145.30 |
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