USD/JPY Price Analysis: Justifies bear cross with mild losses near 134.00

USD/JPY retreats from intraday high, reverses the previous day’s bounce off one-month low.
50-SMA pierces off 100-SMA from above to portray bearish signal.
Downbeat RSI, failure to cross three-week-old horizontal resistance keep sellers hopeful.
Multiple tops marked since early February, two-month-long ascending support line challenge Yen pair bears.

Anil Panchal FXStreet

USD/JPY takes offers to renew intraday low around 134.00 during early Wednesday as the Yen pair sellers reverse the previous day’s corrective bounce off a one-month low. In doing so, the quote justifies the bearish signals from the moving average crossover, as well as the downbeat Relative Strength Index (RSI) line, placed at 14.

That said, the 50-SMA prods the 100-SMA from above and joins the downbeat RSI line to suggest the USD/JPY pair’s further declines.

However, a five-week-old horizontal support area near 133.90-85 appears a tough nut to crack for the Yen pair bears.

In a case where the USD/JPY slips beneath the 133.85 support, the odds of witnessing an extended south-run towards a two-month-old ascending support line, close to 130.55 by the press time, can’t be ruled out.

Meanwhile, an area comprising multiple tops marked since February 17, near 135.05-15, restricts immediate USD/JPY upside.

Even if the quote traces the bullish MACD signals and crosses the 135.15 resistance, a convergence of the 50-SMA and the 100-SMA, around 135.65-70 by the press time, will be crucial to watch as it holds the key for the USD/JPY run-up towards the monthly high of 137.91.

USD/JPY: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	134.04
Today Daily Change	-0.19
Today Daily Change %	-0.14%
Today daily open	134.23

Trends
Daily SMA20	135.36
Daily SMA50	132.52
Daily SMA100	135.69
Daily SMA200	137.5

Levels
Previous Daily High	134.9
Previous Daily Low	133.03
Previous Weekly High	137.91
Previous Weekly Low	134.12
Previous Monthly High	136.92
Previous Monthly Low	128.08
Daily Fibonacci 38.2%	134.19
Daily Fibonacci 61.8%	133.74
Daily Pivot Point S1	133.2
Daily Pivot Point S2	132.18
Daily Pivot Point S3	131.33
Daily Pivot Point R1	135.08
Daily Pivot Point R2	135.93
Daily Pivot Point R3	136.95

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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