#USDJPY @ 135.937 remains pressured around intraday low as it reverses from two-week-old horizontal resistance., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• USD/JPY remains pressured around intraday low as it reverses from two-week-old horizontal resistance.
• Downside break of ascending trend line from Thursday, bearish MACD signals favor Yen pair seller.
• 200-HMA appears the key hurdle for the Yen buyers to crack and retake control.

The pair currently trades last at 135.937.

The previous day high was 136.32 while the previous day low was 135.65. The daily 38.2% Fib levels comes at 136.07, expected to provide resistance. Similarly, the daily 61.8% fib level is at 135.91, expected to provide support.

USD/JPY recalls the sellers after their two-day absence as the Yen pair drops to 135.95 during early Tuesday. In doing so, the Yen pair take a U-turn from a fortnight-long horizontal resistance, as well as break a three-day-old ascending support line, now immediate resistance.

In addition to the pullback from a short-term key resistance and a downside break of the nearby support trend line, the bearish MACD signals and a downward-sloping RSI (14) line, not oversold, also keep the Yen buyers hopeful.

With this, the USD/JPY pair appears all set to test the 50% Fibonacci retracement level of its April 26 to May 02 upside, near 135.40.

However, a convergence of the 61.8% Fibonacci retracement and the 200-Hourly Moving Average (HMA), near 134.90-85, appears a tough nut to crack for the Yen pair sellers.

Following that, the 134.00 round figure and the monthly low of around 133.50 will gain the USD/JPY seller’s attention.

On the contrary, USD/JPY recovery remains elusive unless breaking a horizontal resistance area comprising tops marked since April 28, close to 136.30-35.

Even if the Yen pair buyers manage to keep the reins past 136.35, the tops marked in May and March, respectively near 137.80 and 137.90, may prod the bulls before directing them to the 138.00 round figure.

Trend: Further downside expected

Technical Levels: Supports and Resistances

USDJPY currently trading at 135.95 at the time of writing. Pair opened at 136.12 and is trading with a change of -0.12% % .

The pair is trading above its 20 Daily moving average @ 134.89, above its 50 Daily moving average @ 133.76 , above its 100 Daily moving average @ 132.95 and below its 200 Daily moving average @ 137.04

The previous day high was 136.32 while the previous day low was 135.65. The daily 38.2% Fib levels comes at 136.07, expected to provide resistance. Similarly, the daily 61.8% fib level is at 135.91, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 135.74, 135.36, 135.07
• Pivot resistance is noted at 136.41, 136.7, 137.08

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