USD/JPY Price Analysis: Bears attack 104.00, four-month-old support line in focus

USD/JPY refreshes the lowest levels since March 12 while standing on the slippery near 104.20.
Failures to bounce off 38.2% Fibonacci retracement, bearish MACD keep the sellers hopeful.
Bulls need a clear break above 106.10 before regaining the controls.

Anil Panchal FXStreet

USD/JPY prints half a percent loss while declining to 104.20 during the early Friday’s fall. The pair marks the seventh consecutive day of losses after declining below 50% Fibonacci retracement level of February-March downside. The south-run gains clues from the broad risk-off as well as the US dollar’s fresh fall to 26.5-month low. Additionally, bearish MACD adds strength to the pair sellers’ outlook.

While considering the aforementioned catalysts, the USD/JPY prices are dropping fast towards 104.00 round-figures before attacking a downward sloping trend line from April 01, at 103.65 now.

The 23.6% Fibonacci retracement level of 103.75 and March 10 low of 102.70 are extra filters to the pair’s further declines.

Alternatively, 38.2% Fibonacci retracement level near 105.40 and June month’s low around 106.10 could restrict the quote’s near-term advances ahead of 50% Fibonacci retracement level of 106.70.

USD/JPY daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	104.25
Today Daily Change	-0.48
Today Daily Change %	-0.46%
Today daily open	104.73

Trends
Daily SMA20	106.69
Daily SMA50	107.25
Daily SMA100	107.57
Daily SMA200	108.27

Levels
Previous Daily High	105.3
Previous Daily Low	104.68
Previous Weekly High	107.54
Previous Weekly Low	105.68
Previous Monthly High	109.85
Previous Monthly Low	106.08
Daily Fibonacci 38.2%	104.92
Daily Fibonacci 61.8%	105.06
Daily Pivot Point S1	104.51
Daily Pivot Point S2	104.29
Daily Pivot Point S3	103.9
Daily Pivot Point R1	105.12
Daily Pivot Point R2	105.52
Daily Pivot Point R3	105.74

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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