USD/JPY Price Analysis: Bears flex muscles with eyes on 130.60

USD/JPY retreats from one-week high to snap three-day uptrend.
Downside break of weekly support line adds strength to bearish bias.
100, 200 EMAs add to the upside filters.

Anil Panchal FXStreet

USD/JPY remains depressed around 132.90 as it prints the first daily loss in four during early Tuesday morning in Europe. In doing so, the Yen pair justifies the downside break of a one-wee-old ascending trend line, as well as a U-turn from the 100-hour Exponential Moving Average (EMA).

The pullback move also takes clues from the RSI (14) retreat, as well as an absence of the oversold RSI line.

That said, the USD/JPY price aim for the 23.6% Fibonacci retracement level of December 15-20 downside, near 132.30.

Following that, an upward-sloping support line from the last Wednesday, near the 132.00 round figure could test the USD/JPY bears before directing them to the recently flashed multi-month low near 130.60.

In a case where the USD/JPY pair drops below 130.60, the August 2022 low near 130.40 and the 130.00 psychological magnet could act as the last defense of the buyers.

Alternatively, the support-turned-resistance line and the 100-EMA, respectively around 132.95 and 133.05, could restrict immediate USD/JPY recovery before highlighting the 200-EMA level of 134.00.

Should the USD/JPY bulls keep the reins past 134.00, the December 19 swing low near 135.80 will gain the market’s attention.

It should be noted that the 50% and 61.8% Fibonacci retracement levels, respectively near 134.35 and 135.25, could probe the USD/JPY bulls during the expected rise.

USD/JPY: Hourly chart

Trend: Further downside expected

additional important levels

Overview
Today last price	132.85
Today Daily Change	-0.07
Today Daily Change %	-0.05%
Today daily open	132.92

Trends
Daily SMA20	135.62
Daily SMA50	140.86
Daily SMA100	141.12
Daily SMA200	136

Levels
Previous Daily High	132.92
Previous Daily Low	132.92
Previous Weekly High	137.48
Previous Weekly Low	130.57
Previous Monthly High	148.82
Previous Monthly Low	137.5
Daily Fibonacci 38.2%	132.92
Daily Fibonacci 61.8%	132.92
Daily Pivot Point S1	132.92
Daily Pivot Point S2	132.92
Daily Pivot Point S3	132.92
Daily Pivot Point R1	132.92
Daily Pivot Point R2	132.92
Daily Pivot Point R3	132.92

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.

AUD/USD holds above 0.6900 ahead of China’s trade data

AUD/USD struggles to capitalize on the previous day’s recovery move as prolonged Middle East uncertainty supports the safe-haven US Dollar. Moreover, Fed hike bets provide a tailwind for the buck, while expectations of a cautious, on-hold RBA stance cap the Aussie. Spot prices, however, hold above 0.6900 as traders look to China’s trade data and the US CPI report for a fresh impetus.

USD/JPY retakes 158.00 on weak Japanese data; focus shifts to US CPI

USD/JPY attracts some dip-buyers during the Asian session on Tuesday as a fall in Japan’s Household Spending undermines the Japanese Yen. Moreover, Fed hike bets and Middle East uncertainty support the safe-haven US Dollar and the currency pair. The market focus now shifts to the release of the crucial US CPI report.

Gold retreats from three-week top; $4,150 resistance holds ahead of US CPI

Gold drifts lower during Tuesday’s Asian session, reversing part of the previous day’s strong gains to a near three-week high, around the $4,150 hurdle, as mixed signals about US-Iran peace talks support the safe-haven US Dollar. Traders now look to the crucial US CPI report for more cues about the Fed’s policy path, which would drive the buck and influence the non-yielding bullion.

NYSE taps Avalanche for clearing and settlement of tokenized securities

Avalanche defied the crypto market drawdown on Monday, up 4% after announcing it will provide the core ledger technology for clearing in the New York Stock Exchange's upcoming tokenized securities trading platform.

US CPI preview: Moderation on the horizon, but underlying pressures linger

The US Consumer Price Index for October will be released on Tuesday, November 10, at a time when financial markets are receiving rather different signals from inflation, employment and credit conditions. September's inflation report showed headline consumer prices rising by 0.6% month over month, while core inflation increased by 0.3%.

Gold reclaimed $4,100. Tuesday’s CPI test decides if it holds

Gold (XAU/USD) starts the week on a positive note, reclaiming the $4,100 psychological level as the US Dollar (USD) retreats from its recent highs. The precious metal recovers from Friday's losses, although investors remain cautious ahead of Tuesday's US Consumer Price Index (CPI) report, which could determine the next direction for Bullion.