#USDJPY @ 139.352 extends previous day’s fall within one-week-old bearish chart formation., @nehcap view: Further downside expected (Pivot Orderbook analysis)
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- USD/JPY extends previous day’s fall within one-week-old bearish chart formation.
- Sustained trading below 100-EMA, bearish MACD signals favor Yen pair sellers.
- RSI conditions suggest bottom-picking around golden Fibonacci ratio.
- Multiple hurdles stand tall to challenge Yen buyers.
The pair currently trades last at 139.352.
The previous day high was 140.45 while the previous day low was 139.25. The daily 38.2% Fib levels comes at 139.71, expected to provide resistance. Similarly, the daily 61.8% fib level is at 139.99, expected to provide resistance.
USD/JPY holds a lower ground near the intraday bottom surrounding 139.35 heading into Tuesday’s European session. In doing so, the Japan Yen (JPY) pair defends the previous day’s bearish bias with a one-week-old ascending triangle formation.
Apart from the bearish triangle, the downbeat MACD signals and the quote’s sustained trading below the 100-Exponential Moving Average (EMA) also favor the USD/JPY sellers.
However, a clear downside break of the stated triangles’ bottom line, around 139.30 by the press time, becomes necessary for the Yen pair seller’s confirmation.
Even so, the RSI (14) is near the oversold region and hence the 61.8% Fibonacci retracement of its May 19-30 upside, near 138.75, also known as the golden Fibonacci ratio, can challenge the USD/JPY bears.
In a case where the Yen pair drops below 138.75 Fibonacci support, the 138.00 round figure and the early May peak of around 137.70 could gain the market’s attention.
On the flip side, the 100-EMA level of 139.65 restricts the immediate upside of the USD/JPY pair. Following that, the 140.00 psychological magnet and the stated triangle’s top line near 140.45-50, can challenge the bulls ahead of directing them to the multi-month high marked in May around 140.91.
Trend: Further downside expected
Technical Levels: Supports and Resistances
USDJPY currently trading at 139.41 at the time of writing. Pair opened at 139.58 and is trading with a change of -0.12% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 139.41 |
| 1 | Today Daily Change | -0.17 |
| 2 | Today Daily Change % | -0.12% |
| 3 | Today daily open | 139.58 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 138.09, 50 SMA 135.48, 100 SMA @ 134.07 and 200 SMA @ 137.3.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 138.09 |
| 1 | Daily SMA50 | 135.48 |
| 2 | Daily SMA100 | 134.07 |
| 3 | Daily SMA200 | 137.30 |
The previous day high was 140.45 while the previous day low was 139.25. The daily 38.2% Fib levels comes at 139.71, expected to provide resistance. Similarly, the daily 61.8% fib level is at 139.99, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 139.07, 138.56, 137.87
- Pivot resistance is noted at 140.27, 140.96, 141.48
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 140.45 |
| Previous Daily Low | 139.25 |
| Previous Weekly High | 140.93 |
| Previous Weekly Low | 138.43 |
| Previous Monthly High | 140.93 |
| Previous Monthly Low | 133.50 |
| Daily Fibonacci 38.2% | 139.71 |
| Daily Fibonacci 61.8% | 139.99 |
| Daily Pivot Point S1 | 139.07 |
| Daily Pivot Point S2 | 138.56 |
| Daily Pivot Point S3 | 137.87 |
| Daily Pivot Point R1 | 140.27 |
| Daily Pivot Point R2 | 140.96 |
| Daily Pivot Point R3 | 141.48 |
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