USD/JPY Price Analysis: Triple top emerges in the one-hour chart, targets 143.30

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.

Christian Borjon Valencia FXStreet

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

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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