#USDJPY @ 134.604 The retraced from daily highs of 120 pips, as the USD is being offered. (Pivot Orderbook analysis)

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• The USD/JPY retraced from daily highs of 120 pips, as the USD is being offered.
• USD/JPY: Daily close below the 200-DMA opens the door for a drop to 131.70s.

The pair currently trades last at 134.604.

The previous day high was 138.15 while the previous day low was 135.21. The daily 38.2% Fib levels comes at 136.33, expected to provide resistance. Similarly, the daily 61.8% fib level is at 137.03, expected to provide resistance.

The US Dollar (USD) gave away its earlier gains courtesy of upbeat economic data revealed in the United States (US) and dropped 0.52% against the Japanese Yen (JPY). At the time of writing, the USD/JPY is trading at 134.63, below the 200-day Exponential Moving Average (EMA), as the JPY gets ready to finish the week with gains of 3.26%.

The USD/JPY daily chart portrays the pair as downward biased after breaking the 200-day EMA and a five-month-old upslope support trendline. Nevertheless, upbeat US data exacerbated a rally toward Friday’s high of 135.98. However, the Relative Strength Index (RSI) at bearish territory and the Rate of Change (RoC) aiming lower showed that sellers were gathering momentum. Eventually, the USD/JPY erased those gains and some more.

If the USD/JPY achieves a daily close below the 200-day EMA at 134.99, it could pave the way for further downside action. The USD/JPY key support levels would be the psychological 134.00 figure. A breach of the latter could open the door for a 220 pip drop towards the August 11 low at 131.73, followed by August’s low at 130.39.

Technical Levels: Supports and Resistances

USDJPY currently trading at 134.68 at the time of writing. Pair opened at 135.31 and is trading with a change of -0.47 % .

The pair is trading below its 20 Daily moving average @ 140.78, below its 50 Daily moving average @ 144.32 , below its 100 Daily moving average @ 141.18 and above its 200 Daily moving average @ 134.41

The previous day high was 138.15 while the previous day low was 135.21. The daily 38.2% Fib levels comes at 136.33, expected to provide resistance. Similarly, the daily 61.8% fib level is at 137.03, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 134.3, 133.29, 131.36
• Pivot resistance is noted at 137.24, 139.16, 140.17

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