USD/JPY Price Analysis: Sellers attack 134.00 amid impending triple top bearish pattern

USD/JPY snaps a five-day uptrend around a 20-year high.
Multiple failures to cross 134.50 joins sluggish RSI to tease sellers.
Bears need validation from 133.18 to extend the fall.

Anil Panchal FXStreet

USD/JPY consolidates recent gains around a two-decade high, refreshing intraday low near 134.00 during Friday’s Asian session.

The yen pair portrays a triple top bearish chart pattern on the hourly play. However, a clear downside break of the recent bottom surrounding 133.20 becomes necessary to recall the pair sellers. While facilitating the pair’s further fall, the RSI prints a downward trajectory.

That said, the 50-HMA and weekly support line, respectively near 133.95 and 133.65, could act as immediate supports during the quote’s further weakness.

In a case where the USD/JPY prices drop below 133.18, the weekly low of 130.43 could lure the bears.

Meanwhile, recovery moves remain elusive until the quote offers a sustained run-up beyond the 134.50 hurdle. Following that, 2002’s yearly top near 135.20 will gain the market’s attention.

Overall, USD/JPY bulls seem tired but the bearish trend is far from the reach.

USD/JPY: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	133.96
Today Daily Change	-0.38
Today Daily Change %	-0.28%
Today daily open	134.34

Trends
Daily SMA20	129.41
Daily SMA50	128.24
Daily SMA100	122.48
Daily SMA200	117.84

Levels
Previous Daily High	134.56
Previous Daily Low	133.19
Previous Weekly High	130.98
Previous Weekly Low	126.95
Previous Monthly High	131.35
Previous Monthly Low	126.36
Daily Fibonacci 38.2%	134.03
Daily Fibonacci 61.8%	133.71
Daily Pivot Point S1	133.5
Daily Pivot Point S2	132.66
Daily Pivot Point S3	132.13
Daily Pivot Point R1	134.87
Daily Pivot Point R2	135.4
Daily Pivot Point R3	136.24

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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