• US Dollar remains offered across the board against most G8 currencies.
  • A broken rising wedge in the USD/JPY 4-hour chart targets a fall towards 138.00.

The USD/JPY prolonged its losses to two consecutive days and cleared the 100-day Exponential Moving Average (EMA), cementing the case of the USD/JPY bias turning neutral-to-downwards, albeit remained trading above the 200-day EMA. Hence, the USD/JPY is trading at 139.83, below its opening price by 0.96%.

USD/JPY Price Analysis: Technical outlook

Once the USD/JPY dropped below the 100-day EMA, the bias shifted neutral downwards, though it should be noted that crucial support levels lie below the spot price. If Japanese Yen (JPY) buyers would like to extend their gains, they need to clear the three-month low of 137.65, which would exacerbate a fall toward a six-month-old upslope support trendline of around 136.70.

Short term, the USD/JPY 4-hour chart broke a rising wedge, a continuation pattern formed after a first leg-down. That said, the USD/JPY is comfortably trading around the S3 daily pivot. Therefore, the USD/JPY first support would be the 139.00 psychological level, followed by the S4 daily pivot level at 138.87, ahead of the November 15 low at 137.65.

USD/JPY Key Technical Levels

USD/JPY

Overview
Today last price 139.76
Today Daily Change -1.45
Today Daily Change % -1.03
Today daily open 141.21
 
Trends
Daily SMA20 144.03
Daily SMA50 145.01
Daily SMA100 141.08
Daily SMA200 133.6
 
Levels
Previous Daily High 142.24
Previous Daily Low 141.08
Previous Weekly High 140.8
Previous Weekly Low 137.67
Previous Monthly High 151.94
Previous Monthly Low 143.53
Daily Fibonacci 38.2% 141.53
Daily Fibonacci 61.8% 141.8
Daily Pivot Point S1 140.78
Daily Pivot Point S2 140.35
Daily Pivot Point S3 139.62
Daily Pivot Point R1 141.94
Daily Pivot Point R2 142.67
Daily Pivot Point R3 143.1

 

 

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