USD/JPY Current price: 123.17
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Bearish potential towards 122.40. The USD/JPY pair fell to a fresh 2-week low, as the yen got a boost during Asian hours, from a sell-off in local share markets. Chinese shares fell 8.5% whilst the Nikkei extended its decline down to a 2-week low near 20,100. The USD/JPY pair trades around its daily low, with a spike up to 123.30, following US positive Durable Goods Orders data, attracting selling interest. The bias is south as the 1 hour chart shows that the price has extended well below its moving averages, with the 100 SMA crossing below the 200 SMA and with the technical indicators heading strongly lower, despite being near oversold territory. In the 4 hours chart, the price is now around its moving averages that converge flat a few pips above the current level, whilst the technical indicators head lower below their mid-lines. The immediate support comes at 122.90, the 38.2% retracement of its latest bullish run, with a break below it confirming additional declines towards 122.40, the 50% retracement of the same rally.
Support levels: 122.90 122.40 122.00
Resistance levels: 123.30 123.70 124.20
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