USD/JPY Price Analysis: Sellers cheer the break of multi-month-old trendline, bearish MACD

USD/JPY bounces off 40-month low, remains on the Bears’ radar.
23.6% Fibonacci retracement adds strength to the resistance.
The year 2016 low seems to lure the sellers.

Anil Panchal FXStreet

Despite bouncing off more than three-year low of 101.56, currently around 102.50, USD/JPY remains on the back foot during the early Monday.

The reason could be spotted in the pair’s sustained trading below an ascending trend line stretched since late-March 2018 as well as bearish MACD signals.

As a result, sellers can keep the helm unless prices bounce back beyond 105.00-105.15 region, comprising the said support-turned-resistance and 23.6% Fibonacci retracement of June 2015 to June 2016 fall.

That said, 101.00 and 100.00 psychological magnet could be the next on the stop during the southward trajectory whereas the year 2016 low near 99.00 will question the bears afterward.

On the upside break of 105.15, October 2019 low near 106.50 and January 2020 bottom surrounding 107.65 can please the bulls.

USD/JPY weekly chart

Trend: Bearish

additional important levels

Overview
Today last price	102.43
Today Daily Change	-3.07
Today Daily Change %	-2.91
Today daily open	105.5

Trends
Daily SMA20	109.38
Daily SMA50	109.32
Daily SMA100	109.14
Daily SMA200	108.35

Levels
Previous Daily High	106.34
Previous Daily Low	105
Previous Weekly High	108.58
Previous Weekly Low	105
Previous Monthly High	112.23
Previous Monthly Low	107.51
Daily Fibonacci 38.2%	105.51
Daily Fibonacci 61.8%	105.83
Daily Pivot Point S1	104.88
Daily Pivot Point S2	104.26
Daily Pivot Point S3	103.53
Daily Pivot Point R1	106.23
Daily Pivot Point R2	106.96
Daily Pivot Point R3	107.58

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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