#USDJPY @ 144.110 stumbles below the 144.00 figure due to US bond yields dropping. (Pivot Orderbook analysis)

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• USD/JPY stumbles below the 144.00 figure due to US bond yields dropping.
• A triple top in the USD/JPY one-hour chart exerted downward pressure on the major, which cleared the 20 and 50-EMAs.
• The USD/JPY triple top targets a fall to 143.30.

The pair currently trades last at 144.110.

The previous day high was 144.9 while the previous day low was 144.06. The daily 38.2% Fib levels comes at 144.58, expected to provide resistance. Similarly, the daily 61.8% fib level is at 144.38, expected to provide resistance.

The USD/JPY drops from weekly highs around 144.90 due to improved market sentiment and also falling US bond yields, with the US 10-year T-note plunging 23 bps, from around 4.01% to 3.73%. At the time of writing, the USD/JPY is trading at 143.99, below its opening price by 0.57%.

The USD/JPY daily chart depicts the pair as neutral-downward biased once Tuesday’s price action printed a doji. Worth noting that the Relative Strength Index (RSI) keeps pushing downwards while price action is below the September 27 daily low at 144.05, exacerbating a fall towards the 143.00 figure and beyond.

In yesterday’s article, “a double-top chart pattern is emerging at around the 144.60-75 area, which could pave the way for further losses. Nevertheless, the 20 and the 50-EMAs, meandering around 144.51 and 144.16, respectively, would be difficult to surpass.” It should be noted that the USD/JPY initially edged towards the weekly high, forming a “triple top” instead of a “double top,” and fell below the 20 and 50-day EMAs, accelerating the USD/JPY fall below the 144.00 mark.

Therefore, the USD/JPY first support would be 50-EMA at 143.85, immediately followed by the S2 daily pivot at 143.74, ahead of the 200-EMA at 143.68. A break below will expose the S3 pivot point at 143.42 and the triple top target at 143.30.

Technical Levels: Supports and Resistances

USDJPY currently trading at 143.99 at the time of writing. Pair opened at 144.78 and is trading with a change of -0.5 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 142.81, 50 SMA 138.4, 100 SMA @ 135.74 and 200 SMA @ 127.52.

The previous day high was 144.9 while the previous day low was 144.06. The daily 38.2% Fib levels comes at 144.58, expected to provide resistance. Similarly, the daily 61.8% fib level is at 144.38, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 144.26, 143.74, 143.42
• Pivot resistance is noted at 145.11, 145.43, 145.95

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