#USDJPY @ 134.493 prods short-term key support confluence during three-day downtrend, stays pressured at weekly low., @nehcap view: Corrective bounce expected (Pivot Orderbook analysis)

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• USD/JPY prods short-term key support confluence during three-day downtrend, stays pressured at weekly low.
• 21-day EMA, five-week-old ascending trend line restricts immediate downside.
• Convergence of 50-day EMA, 200-day EMA, appears a tough nut to crack for Yen pair sellers.
• Bulls need validation from 135.25 to convince short-term buyers.

The pair currently trades last at 134.493.

The previous day high was 136.63 while the previous day low was 134.69. The daily 38.2% Fib levels comes at 135.43, expected to provide resistance. Similarly, the daily 61.8% fib level is at 135.89, expected to provide resistance.

USD/JPY holds lower ground near the weekly bottom surrounding 134.50 during early Thursday. In doing so, the Yen pair drops for the third consecutive day while proding the 21-day Exponential Moving Average (EMA) and an upward-sloping support line from March 24, near 134.40-50.

It’s worth noting that the Yen pair’s repeated failures to provide a daily closing beyond 138.00 join the pair’s pullback moves that broke the previous support zone around 135.25-15, comprising levels marked since mid-February, to keep the USD/JPY bears hopeful.

On the same line, the looming bear cross on the MACD adds strength to the downside bias.

However, the 21-day EMA and a five-week-old ascending support line prod the Yen pair sellers near 134.50-40 support confluence.

Following that, a convergence of the 50-day EMA and 200-day EMA, near 133.85, will be key to watch for the USD/JPY pair as it holds the gate for the bear’s welcome.

Meanwhile, USD/JPY buyers need validation from the immediate multi-day resistance zone of around 135.15-25 to convince short-term bulls.

Even so, multiple hurdles near 136.70, the 137.00 round figure and the 138.00 threshold can prod the USD/JPY buyers afterward before giving them control.

Trend: Corrective bounce expected

Technical Levels: Supports and Resistances

USDJPY currently trading at 134.47 at the time of writing. Pair opened at 134.7 and is trading with a change of -0.17% % .

The pair is trading above its 20 Daily moving average @ 134.16, above its 50 Daily moving average @ 133.92 , above its 100 Daily moving average @ 132.89 and below its 200 Daily moving average @ 136.98

The previous day high was 136.63 while the previous day low was 134.69. The daily 38.2% Fib levels comes at 135.43, expected to provide resistance. Similarly, the daily 61.8% fib level is at 135.89, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 134.05, 133.4, 132.11
• Pivot resistance is noted at 135.99, 137.28, 137.93

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