USD/JPY Price Analysis: MACD directs bears to the key support line around 105.00

USD/JPY drops for the fifth consecutive day as sellers battle 21-day SMA.
Seven-week-old support line gains market attention as MACD turns red for the first time since early January.
Fresh buying awaits daily closing beyond 105.80, monthly support adds to the downside filters.

Anil Panchal FXStreet

Following its drop to the one-week low, USD/JPY wavers in a choppy range around 105.00 as Tokyo off disappoints momentum traders during early Tuesday. In doing so, the quote battles 21-day SMA while declining for the fifth day in a row.

Not only the 21-day SMA level of 105.00 but an ascending support line from January 06, near 104.80, also challenges the USD/JPY bears.

It should, however, be noted that the MACD turns red for the first time in nearly two months and hence keep the sellers hopeful of breaking 104.80 support.

Also acting as the key support could be an area including January 11 top and the monthly low near 104.40.

Meanwhile, the corrective pullback may aim for the early-month top surrounding 105.80 before trying to refresh the monthly top above the 106.00 threshold.

Overall, the USD/JPY bears are gradually firming up the grip and MACD signals add to the downside sentiment.

USD/JPY daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	105.04
Today Daily Change	-0.04
Today Daily Change %	-0.04%
Today daily open	105.08

Trends
Daily SMA20	105.01
Daily SMA50	104.14
Daily SMA100	104.39
Daily SMA200	105.49

Levels
Previous Daily High	105.84
Previous Daily Low	104.98
Previous Weekly High	106.22
Previous Weekly Low	104.92
Previous Monthly High	104.94
Previous Monthly Low	102.59
Daily Fibonacci 38.2%	105.31
Daily Fibonacci 61.8%	105.52
Daily Pivot Point S1	104.76
Daily Pivot Point S2	104.44
Daily Pivot Point S3	103.9
Daily Pivot Point R1	105.62
Daily Pivot Point R2	106.16
Daily Pivot Point R3	106.48

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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