#USDJPY @ 133.572 takes offers to refresh intraday low, snaps six-day uptrend., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• USD/JPY takes offers to refresh intraday low, snaps six-day uptrend.
• Failure to stay beyond 200-HMA joins RSI retreat to break the key support line from December 20.
• 100-HMA could probe the bears before directing them to the monthly low.
• Buyers need validation from the recent swing high surrounding 134.50 to retake control.

The pair currently trades last at 133.572.

The previous day high was 134.5 while the previous day low was 133.36. The daily 38.2% Fib levels comes at 134.06, expected to provide resistance. Similarly, the daily 61.8% fib level is at 133.79, expected to provide resistance.

USD/JPY stands on the slippery ground near 133.65 as it renews its intraday low during the first negative daily performance in seven.

In doing so, the Yen pair breaks the seven-day-old ascending trend line to welcome the bears.

It should be noted that the multiple failures to stay beyond the 200-HMA join the RSI (14) pullback from the overbought territory to allow the USD/JPY pair to remain on the bear’s radar.

However, the 100-HMA support, around 133.00 by the press time, challenges the USD/JPY pair’s immediate downside, a break of which could quickly drag the quote towards the multi-month low marked earlier in December around 130.60-55.

In a case where the USD/JPY pair remains weak past 130.55, the August monthly low near 130.40 and the 130.00 round figure could probe the quote’s further downside.

Alternatively, a convergence of the 200-HMA and the support-turned-resistance line, around 133.95, quickly followed by the 134.00 round figure, guards the USD/JPY pair’s immediate upside.

Following that, the recent top surrounding 134.50 to act as the last defense of USD/JPY bears.

Trend: Further downside expected

Technical Levels: Supports and Resistances

USDJPY currently trading at 133.64 at the time of writing. Pair opened at 134.49 and is trading with a change of -0.63% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 135.18, 50 SMA 140.23, 100 SMA @ 141.12 and 200 SMA @ 136.13.

The previous day high was 134.5 while the previous day low was 133.36. The daily 38.2% Fib levels comes at 134.06, expected to provide resistance. Similarly, the daily 61.8% fib level is at 133.79, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 133.73, 132.98, 132.59
• Pivot resistance is noted at 134.87, 135.26, 136.01

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