• Bullish momentum faded after the USD/JPY could not break resistance at the 200-DMA.
  • USD/JPY path of least resistance is downwards, with first support at 132.00.
  • A fall beyond 132.00, and the USD/JPY could test 131.00.

USD/JPY retraces from two-week highs at around 133.75 and extends its losses below the 50-day Exponential Moving Average (EMA) at 133.25 after failing to pierce the 200-day EMA at 133.79. At the time of writing, the USD/JPY is exchanging hands at 132.28, down 0.33%.

USD/JPY Price action

From the daily chart perspective, the USD/JPY bullish momentum waned after the pair fell shy of cracking the 200-day EMA. That would’ve exposed the 134.00 figure on the upside, followed by the 100-day EMA at 134.25.

Hence, the USD/JPY resumed its downtrend direction, exacerbated by back-to-back breaks of essential support levels, like the 50 and 20-day EMAs, at 133.25 and 132.72. Additionally, the Relative Strength Index (RSI) failed to crack the 50-mid-line and headed downwards, while the Rate of Change (RoC) began to portray that sellers were gathering momentum.

Therefore, the USD/JPY path of least resistance is downwards. That said, the USD/JPY first support would be 132.00. A breach of the latter will expose the March 27 high at 131.76, followed by an upslope support trendline drawn from January lows that passes around 131.10-20. Once cleared, 131.00 would be next.

USD/JPY Daily chart

USD/JPY Daily chart

USD/JPY Technical levels

USD/JPY

Overview
Today last price 132.34
Today Daily Change -0.53
Today Daily Change % -0.40
Today daily open 132.87
 
Trends
Daily SMA20 133.27
Daily SMA50 132.95
Daily SMA100 133.87
Daily SMA200 137.32
 
Levels
Previous Daily High 133.6
Previous Daily Low 132.59
Previous Weekly High 133.6
Previous Weekly Low 130.41
Previous Monthly High 137.91
Previous Monthly Low 129.64
Daily Fibonacci 38.2% 133.21
Daily Fibonacci 61.8% 132.97
Daily Pivot Point S1 132.44
Daily Pivot Point S2 132.01
Daily Pivot Point S3 131.43
Daily Pivot Point R1 133.45
Daily Pivot Point R2 134.03
Daily Pivot Point R3 134.46

 

 

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