USD/JPY Technical Analysis: Bearish close has opened the doors to 110.35

Omkar Godbole FXStreet Contributor

USD/JPY fell 0.63 percent yesterday to close below key support at 110.75. As of writing, the pair is trading at 110.63.

Acceptance below 110.75 validates the downside break of the ascending trendline connecting Jan. 4 and Jan. 1 lows and has opened the doors for a deeper drop toward 110.35 (Feb. 27 low).

Supporting that bearish case is the below 50 print on the 14-day relative strength index (RSI) and descending 5- and 10-day moving averages (MAs).

The bearish view would be invalidated above the 10-day MA, currently at 111.21.

Daily chart

Trend: Bearish

USD/JPY

Overview
Today last price	110.64
Today Daily Change	-6
Today Daily Change %	-0.05
Today daily open	110.7

Trends
Daily SMA20	111.3
Daily SMA50	110.32
Daily SMA100	111.25
Daily SMA200	111.45

Levels
Previous Daily High	111.7
Previous Daily Low	110.54
Previous Weekly High	111.9
Previous Weekly Low	110.88
Previous Monthly High	111.5
Previous Monthly Low	108.73
Daily Fibonacci 38.2%	110.98
Daily Fibonacci 61.8%	111.25
Daily Pivot Point S1	110.26
Daily Pivot Point S2	109.82
Daily Pivot Point S3	109.1
Daily Pivot Point R1	111.42
Daily Pivot Point R2	112.14
Daily Pivot Point R3	112.58

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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