USD/JPY Price Analysis: Drops the most in three weeks as bears eye 115.50

USD/JPY remains on the back foot around intraday low.
RSI pullback from overbought region adds to the bearish bias.
November’s top lure short-term sellers, 11-week-old resistance line challenge buyers.

Anil Panchal FXStreet

USD/JPY stays pressured around 115.85 while printing the biggest daily losses since mid-December during early Thursday.

The yen pair’s latest weakness could be linked to the earlier pullback from a multi-day-old resistance line as well as the RSI decline from the overbought region. As a result, further losses by the pair can’t be ruled out.

The same direct USD/JPY sellers towards November’s high near 115.50. However, any further downside will be challenged by an ascending support line from December 17 and 50-SMA, respectively around 115.40 and 115.25.

Meanwhile, the corrective pullback may initially aim for the 116.00 threshold before the 116.25 hurdle. In a case where USD/JPY bulls keep reins past 116.25, an upward sloping trend line from October 20, around 116.40, will be in focus.

Overall, USD/JPY prices are likely to witness further losses but a reversal of the current bullish trend is off the table, at least for now.

USD/JPY: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	115.84
Today Daily Change	-0.28
Today Daily Change %	-0.24%
Today daily open	116.12

Trends
Daily SMA20	114.43
Daily SMA50	114.09
Daily SMA100	112.66
Daily SMA200	111.16

Levels
Previous Daily High	116.24
Previous Daily Low	115.62
Previous Weekly High	115.21
Previous Weekly Low	114.45
Previous Monthly High	115.21
Previous Monthly Low	112.56
Daily Fibonacci 38.2%	116.01
Daily Fibonacci 61.8%	115.86
Daily Pivot Point S1	115.75
Daily Pivot Point S2	115.38
Daily Pivot Point S3	115.13
Daily Pivot Point R1	116.37
Daily Pivot Point R2	116.62
Daily Pivot Point R3	116.99

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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