USD/JPY outlook: USD/JPY extends steep descend into third straight day and breaks key support
|USD/JPY
USDJPY remains in a steep fall for the third consecutive day (down almost 4%) with speculations that intervention may be behind the move, along with increased safe-haven demand and month-end flows.
Fresh extension lower on Tuesday broke through significant supports at 153.62 (the base of thick ascending daily Ichimoku cloud / 100 DMA) and cracked Fibo 50% retracement of 146.58/159.45 upleg (153.01).
Daily technical studies show strong negative momentum and MAs above the price and turning south that supports current action.
Broken cloud base/100 DMA reverted to significant resistance which should ideally cap and keep fresh bears in play for firm break of 153.01 that would expose targets at 151.50 (Fibo 61.8%) and 150.20/00 (bull-trendline / psychological) in extension.
Res: 153.62; 154.00; 154.53; 155.61.
Sup: 152.15; 151.50; 150.20; 150.00.
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