USD/JPY Price Analysis: Bears await entry below 107.40 as risk-off mood intensifies

USD/JPY refreshes two-day low under 107.50 following the fresh risk aversion wave.
BOJ’s stimulus for small and medium-sized firms, updates from China heavy the pair.
A 12-day-old support line, 200-bar EMA restrict immediate declines.

Anil Panchal FXStreet

USD/JPY extends its post-BOJ fall to refresh the intraday low of 107.44, down 0.14%, during the pre-European session on Friday.

In addition to the BOJ’s status-quo, the latest updates from China’s 13^th National People's Congress (NPC) also exert downside pressure on the pair.

Even so, the sellers await a clear break below an upward sloping trend line from May 06, as well as trading under 200-bar EMA, currently near 107.40, to further stretch the south-run towards 107.00 round-figure.

In a case where the pair keep declining below 107.00, May 13 low near 106.75 will be on the bears’ radars.

On the contrary, buyers will hesitate to enter unless the pair crosses 107.85. Following that, multiple highs marked since mid-April around 108.10 becomes the key to watch.

USD/JPY four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	107.5
Today Daily Change	-0.11
Today Daily Change %	-0.10%
Today daily open	107.61

Trends
Daily SMA20	107.05
Daily SMA50	107.9
Daily SMA100	108.44
Daily SMA200	108.31

Levels
Previous Daily High	107.85
Previous Daily Low	107.49
Previous Weekly High	107.77
Previous Weekly Low	106.5
Previous Monthly High	109.38
Previous Monthly Low	106.36
Daily Fibonacci 38.2%	107.71
Daily Fibonacci 61.8%	107.63
Daily Pivot Point S1	107.45
Daily Pivot Point S2	107.29
Daily Pivot Point S3	107.08
Daily Pivot Point R1	107.81
Daily Pivot Point R2	108.01
Daily Pivot Point R3	108.17

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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