USD/JPY Price Analysis: Extends pullback from 10-DMA towards 129.00

USD/JPY takes offers to refresh intraday low, drops the most in a week.
Descending RSI line, failures to cross immediate DMA favor sellers.
Monthly support line adds to the downside filters, 131.30-35 appears a tough nut to crack for bulls.

Anil Panchal FXStreet

USD/JPY remains on the back foot by refreshing intraday low to near 129.00, snapping three-day uptrend, while justifying the failure to cross the 10-DMA amid a softer RSI (14). That said, the yen pair prints the biggest daily loss in a week by the press time of Wednesday’s Asian session, down 0.25% around 129.10 by the press time.

While the 129.00 threshold acts as immediate support, the quote’s further downside will aim for an upward sloping trend line since late April, surrounding 127.65.

It’s worth noting that the monthly low around 127.50 and April 27 swing low near 126.95 could challenge USD/JPY bears past-127.65.

Meanwhile, a clear upside break of the 10-DMA, near 129.70 at the latest, could quickly attack the 130.00 threshold.

Though, a convergence of the previous support line from March and tops marked in April constitute strong resistance for the USD/JPY bulls to crack around 131.30-35.

Should the quote rises past 131.35, an upside rally to refresh the 20-year high near the 132.00 round figure becomes imminent.

USD/JPY: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	129.17
Today Daily Change	-0.27
Today Daily Change %	-0.21%
Today daily open	129.44

Trends
Daily SMA20	129.3
Daily SMA50	125
Daily SMA100	120.03
Daily SMA200	116.17

Levels
Previous Daily High	129.78
Previous Daily Low	128.83
Previous Weekly High	131.35
Previous Weekly Low	127.52
Previous Monthly High	131.26
Previous Monthly Low	121.67
Daily Fibonacci 38.2%	129.42
Daily Fibonacci 61.8%	129.19
Daily Pivot Point S1	128.92
Daily Pivot Point S2	128.4
Daily Pivot Point S3	127.96
Daily Pivot Point R1	129.87
Daily Pivot Point R2	130.3
Daily Pivot Point R3	130.82

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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