USD/JPY Current price: 119.97
View Live Chart for the USD/JPY
Fresh lows below 119.35 now eyed. The USD/JPY pair fell down to 119.54, over 150 pips below its daily opening as risk aversion spurred yen demand. The pair bounced from the level on dollar's mild recovery, but is having a hard time to regain the 120.00 level, maintaining an overall negative tone while trading within key Fibonacci levels. The 1 hour chart shows that the price accelerated lower after breaking below its 100 and 200 SMAs, whilst the RSI indicator is heading back south around 30 after correcting the extreme oversold readings reached with the European opening. In the 4 hours chart the price has fallen further below a bearish 100 SMA, whilst the technical indicator maintain their strong bearish slopes well into negative territory, supporting additional declines on a break below 119.35, the 38.2% retracement of the last two weeks decline, and the immediate support. The upside is now being limited by the 50% retracement of the same rally at 120.35, where the pair has stalled its recovery several times by the end of last week.
Support levels: 119.70 119.35 118.80
Resistance levels: 120.35 120.60 121.00
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