• 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

USD/JPY

Overview
Today last price 143.99
Today Daily Change -0.73
Today Daily Change % -0.50
Today daily open 144.78
 
Trends
Daily SMA20 142.81
Daily SMA50 138.4
Daily SMA100 135.74
Daily SMA200 127.52
 
Levels
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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