Bears smash weekly support line to aim for further downside below 134.00 – Crypto News – Crypto News
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USD/JPY slips below 144.00 as BOJ intervention jostles with US inflation-led woes USD/JPY slips below 144.00 as BOJ intervention jostles with US inflation-led woes

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Bears smash weekly support line to aim for further downside below 134.00 – Crypto News

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2 years ago

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  • USD/JPY takes offers to refresh intraday low, snaps six-day uptrend.
  • Failure to stay beyond 200-HMA joins RSI retreat to break the key support line from December 20.
  • The 100-HMA could probe the bears before directing them to the monthly low.
  • Buyers need validation from the recent swing high around 134.50 to retake control.

USD/JPY stands on slippery ground near 133.65 as it renews its intraday low during the first negative daily performance in seven.

In doing so, the Yen pair breaks the seven-day-old ascending trend line to welcome the bears.

It should be noted that the multiple failures to stay beyond the 200-HMA join the RSI (14) pullback from the overbought territory to allow the USD/JPY pair to remain on the bear’s radar.

However, the 100-HMA support, around 133.00 by the press time, challenges the USD/JPY pair’s immediate downside, a break of which could quickly drag the quote towards the multi-month low marked earlier in December around 130.60-55.

In a case where the USD/JPY pair remains weak past 130.55, the August monthly low near 130.40 and the 130.00 round figure could probe the quote’s further downside.

Alternatively, a convergence of the 200-HMA and the support-turned-resistance line, around 133.95, quickly followed by the 134.00 round figure, guards the USD/JPY pair’s immediate upside.

Following that, the recent top around 134.50 to act as the last defense of USD/JPY bears.

USD/JPY: Hourly chart

Trend: Further downside expected

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