#USDJPY @ 132.349 Bullish momentum faded after the could not break resistance at the 200-DMA. (Pivot Orderbook analysis)

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• Bullish momentum faded after the USD/JPY could not break resistance at the 200-DMA.
• USD/JPY path of least resistance is downwards, with first support at 132.00.
• A fall beyond 132.00, and the USD/JPY could test 131.00.

The pair currently trades last at 132.349.

The previous day high was 133.6 while the previous day low was 132.59. The daily 38.2% Fib levels comes at 133.21, expected to provide resistance. Similarly, the daily 61.8% fib level is at 132.97, expected to provide resistance.

USD/JPY retraces from two-week highs at around 133.75 and extends its losses below the 50-day Exponential Moving Average (EMA) at 133.25 after failing to pierce the 200-day EMA at 133.79. At the time of writing, the USD/JPY is exchanging hands at 132.28, down 0.33%.

From the daily chart perspective, the USD/JPY bullish momentum waned after the pair fell shy of cracking the 200-day EMA. That would’ve exposed the 134.00 figure on the upside, followed by the 100-day EMA at 134.25.

Hence, the USD/JPY resumed its downtrend direction, exacerbated by back-to-back breaks of essential support levels, like the 50 and 20-day EMAs, at 133.25 and 132.72. Additionally, the Relative Strength Index (RSI) failed to crack the 50-mid-line and headed downwards, while the Rate of Change (RoC) began to portray that sellers were gathering momentum.

Therefore, the USD/JPY path of least resistance is downwards. That said, the USD/JPY first support would be 132.00. A breach of the latter will expose the March 27 high at 131.76, followed by an upslope support trendline drawn from January lows that passes around 131.10-20. Once cleared, 131.00 would be next.

Technical Levels: Supports and Resistances

USDJPY currently trading at 132.34 at the time of writing. Pair opened at 132.87 and is trading with a change of -0.4 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 133.27, 50 SMA 132.95, 100 SMA @ 133.87 and 200 SMA @ 137.32.

The previous day high was 133.6 while the previous day low was 132.59. The daily 38.2% Fib levels comes at 133.21, expected to provide resistance. Similarly, the daily 61.8% fib level is at 132.97, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 132.44, 132.01, 131.43
• Pivot resistance is noted at 133.45, 134.03, 134.46

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