#USDJPY @ 134.139 retreats from intraday high, reverses the previous day’s bounce off one-month low., @nehcap view: Further downside expected (Pivot Orderbook analysis)
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- USD/JPY retreats from intraday high, reverses the previous day’s bounce off one-month low.
- 50-SMA pierces off 100-SMA from above to portray bearish signal.
- Downbeat RSI, failure to cross three-week-old horizontal resistance keep sellers hopeful.
- Multiple tops marked since early February, two-month-long ascending support line challenge Yen pair bears.
The pair currently trades last at 134.139.
The previous day high was 134.9 while the previous day low was 133.03. The daily 38.2% Fib levels comes at 134.19, expected to provide resistance. Similarly, the daily 61.8% fib level is at 133.74, expected to provide support.
USD/JPY takes offers to renew intraday low around 134.00 during early Wednesday as the Yen pair sellers reverse the previous day’s corrective bounce off a one-month low. In doing so, the quote justifies the bearish signals from the moving average crossover, as well as the downbeat Relative Strength Index (RSI) line, placed at 14.
That said, the 50-SMA prods the 100-SMA from above and joins the downbeat RSI line to suggest the USD/JPY pair’s further declines.
However, a five-week-old horizontal support area near 135.90-85 appears a tough nut to crack for the Yen pair bears.
In a case where the USD/JPY slips beneath the 135.85 support, the odds of witnessing an extended south-run towards a two-month-old ascending support line, close to 130.55 by the press time, can’t be ruled out.
Meanwhile, an area comprising multiple tops marked since February 17, near 135.05-15, restricts immediate USD/JPY upside.
Even if the quote traces the bullish MACD signals and crosses the 135.15 resistance, a convergence of the 50-SMA and the 100-SMA, around 135.65-70 by the press time, will be crucial to watch as it holds the key for the USD/JPY run-up towards the monthly high of 137.91.
Trend: Further downside expected
Technical Levels: Supports and Resistances
USDJPY currently trading at 134.04 at the time of writing. Pair opened at 134.23 and is trading with a change of -0.14% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 134.04 |
| 1 | Today Daily Change | -0.19 |
| 2 | Today Daily Change % | -0.14% |
| 3 | Today daily open | 134.23 |
The pair is trading below its 20 Daily moving average @ 135.36, above its 50 Daily moving average @ 132.52 , below its 100 Daily moving average @ 135.69 and below its 200 Daily moving average @ 137.5
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 135.36 |
| 1 | Daily SMA50 | 132.52 |
| 2 | Daily SMA100 | 135.69 |
| 3 | Daily SMA200 | 137.50 |
The previous day high was 134.9 while the previous day low was 133.03. The daily 38.2% Fib levels comes at 134.19, expected to provide resistance. Similarly, the daily 61.8% fib level is at 133.74, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 133.2, 132.18, 131.33
- Pivot resistance is noted at 135.08, 135.93, 136.95
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 134.90 |
| Previous Daily Low | 133.03 |
| Previous Weekly High | 137.91 |
| Previous Weekly Low | 134.12 |
| Previous Monthly High | 136.92 |
| Previous Monthly Low | 128.08 |
| Daily Fibonacci 38.2% | 134.19 |
| Daily Fibonacci 61.8% | 133.74 |
| Daily Pivot Point S1 | 133.20 |
| Daily Pivot Point S2 | 132.18 |
| Daily Pivot Point S3 | 131.33 |
| Daily Pivot Point R1 | 135.08 |
| Daily Pivot Point R2 | 135.93 |
| Daily Pivot Point R3 | 136.95 |
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