USD/JPY Price Analysis: Key 102.69 support appears at risk ahead of Georgia’s elections

USD/JPY’s path of least resistance appears to the downside.
Bears threaten five-month-old descending trendline support at 102.69
RSI stays bearish but above the oversold region.

Dhwani Mehta FXStreet

USD/JPY trades with mild losses below the 103 level, having faced rejection just above Monday’s close of 103.14.

Markets remain worried about the surge in coronavirus cases and the resultant imposition of stricter curbs worldwide.

On the other side, coronavirus vaccine optimism and expectations that the Democrats could likely seek control of Congress in the critical Georgia run-off elections lend some support to the USD/JPY bulls.

However, from the technical perspective, the bias appears to the downside in the major. The daily chart shows that the bears have fought back control on Tuesday after charting three consecutive doji candlesticks.

The bears remain poised to test the five-month-old descending trendline support, now seen at 102.69.

The 14-day Relative Strength Index (RSI) points south, heading towards the oversold territory. This suggests that there is more scope for additional downside moves.

Also, adding credence to the bearish bias, the spot trades below all the major daily moving averages (DMA).

A breach of the abovementioned critical support could expose the psychological 102.50 level.

Alternatively, a sustained recovery above daily highs of 103.19 could offer some temporary reprieve to the buyers.

Further up, Monday’s high of 103.31 could be tested, as the bulls look to recapture the bearish 21-DMA at 103.58.

USD/JPY: Daily chart

USD/JPY: Additional levels

USD/JPY

Overview
Today last price	102.91
Today Daily Change	-0.22
Today Daily Change %	-0.21
Today daily open	103.14

Trends
Daily SMA20	103.62
Daily SMA50	104.08
Daily SMA100	104.84
Daily SMA200	106.02

Levels
Previous Daily High	103.32
Previous Daily Low	102.71
Previous Weekly High	103.9
Previous Weekly Low	102.96
Previous Monthly High	104.75
Previous Monthly Low	102.88
Daily Fibonacci 38.2%	103.09
Daily Fibonacci 61.8%	102.94
Daily Pivot Point S1	102.8
Daily Pivot Point S2	102.45
Daily Pivot Point S3	102.19
Daily Pivot Point R1	103.4
Daily Pivot Point R2	103.66
Daily Pivot Point R3	104.01

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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