- USD/JPY stumbles below the 144.00 figure due to US bond yields dropping.
- A triple top in the USD/JPY one-hour chart exerted downward pressure on the major, which cleared the 20 and 50-EMAs.
- The USD/JPY triple top targets a fall to 143.30.
The USD/JPY drops from weekly highs around 144.90 due to improved market sentiment and also falling US bond yields, with the US 10-year T-note plunging 23 bps, from around 4.01% to 3.73%. At the time of writing, the USD/JPY is trading at 143.99, below its opening price by 0.57%.
USD/JPY Price Analysis: Technical outlook
The USD/JPY daily chart depicts the pair as neutral-downward biased once Tuesday’s price action printed a doji. Worth noting that the Relative Strength Index (RSI) keeps pushing downwards while price action is below the September 27 daily low at 144.05, exacerbating a fall towards the 143.00 figure and beyond.
In yesterday’s article, “a double-top chart pattern is emerging at around the 144.60-75 area, which could pave the way for further losses. Nevertheless, the 20 and the 50-EMAs, meandering around 144.51 and 144.16, respectively, would be difficult to surpass.” It should be noted that the USD/JPY initially edged towards the weekly high, forming a “triple top” instead of a “double top,” and fell below the 20 and 50-day EMAs, accelerating the USD/JPY fall below the 144.00 mark.
Therefore, the USD/JPY first support would be 50-EMA at 143.85, immediately followed by the S2 daily pivot at 143.74, ahead of the 200-EMA at 143.68. A break below will expose the S3 pivot point at 143.42 and the triple top target at 143.30.
USD/JPY Key Technical Levels
|Today last price||143.99|
|Today Daily Change||-0.73|
|Today Daily Change %||-0.50|
|Today daily open||144.78|
|Previous Daily High||144.9|
|Previous Daily Low||144.06|
|Previous Weekly High||145.9|
|Previous Weekly Low||140.35|
|Previous Monthly High||139.08|
|Previous Monthly Low||130.4|
|Daily Fibonacci 38.2%||144.58|
|Daily Fibonacci 61.8%||144.38|
|Daily Pivot Point S1||144.26|
|Daily Pivot Point S2||143.74|
|Daily Pivot Point S3||143.42|
|Daily Pivot Point R1||145.11|
|Daily Pivot Point R2||145.43|
|Daily Pivot Point R3||145.95|
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