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USD/JPY Price Analysis: Bearish triangle highlights 139.30 level for Yen traders

  • USD/JPY extends the previous day’s decline within a bearish one-week chart pattern.
  • Sustained trading below the 100 EMA and bearish signals from the MACD favor sellers of the pair.
  • RSI conditions suggest that a bottom is being reached around the Fibonacci golden ratio.
  • Multiple hurdles challenge Yen buyers.

The USD/JPY pair remains in lower ground, near the intraday low around 139.35 at the start of the European session on Tuesday. In doing so, the pair defends the previous day’s downtrend within a week-old ascending triangle pattern.

In addition to the bearish triangle, the bearish signals from the MACD and the sustained move below the 100 hourly EMA also favor USD/JPY sellers.

However, a clear break below the lower line of the indicated triangle, around 139.30 at time of writing, is necessary for confirmation of further selling in the pair.

Still, the RSI (14) is close to the oversold zone and thus the 61.8% Fibonacci retracement of the May 19-30 rally near 138.75, aka the gold ratio for Fibonacci, can challenge USD/JPY bears.

Should the pair fall below the 138.75% Fibonacci support, the round level of 138.00 and the early May high around 137.70 could attract market attention.

On the other hand, the 100 EMA level at 139.65 limits the immediate rise of the USD/JPY pair. Next, the psychological magnet at 140.00 and the upper line of the triangle near 140.45-50, may challenge the bulls before leading them towards May’s multi-month high around 140.91.

USD/JPY 1 hour chart


Trend: More falls are expected

USD/JPY additional technical levels

Last price today 139.41
Today Daily Variation -0.17
today’s daily variation -0.12%
today’s daily opening 139.58
daily SMA20 138.09
daily SMA50 135.48
daily SMA100 134.07
daily SMA200 137.3
previous daily high 140.45
previous daily low 139.25
Previous Weekly High 140.93
previous weekly low 138.43
Previous Monthly High 140.93
Previous monthly minimum 133.5
Fibonacci daily 38.2 139.71
Fibonacci 61.8% daily 139.99
Daily Pivot Point S1 139.07
Daily Pivot Point S2 138.56
Daily Pivot Point S3 137.87
Daily Pivot Point R1 140.27
Daily Pivot Point R2 140.96
Daily Pivot Point R3 141.48

Source: Fx Street

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