USD/JPY Price Analysis: Rising wedge break exacerbates decline to 138.00

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  • The US dollar continues to be offered broadly against most G8 currencies.
  • The break of a rising wedge on the USD/JPY 4-hour chart points to a fall towards 138.00.

The USD/JPY extended its losses for two straight days and broke above the 100 day EMA, consolidating the case for USD/JPY bias to turn neutral to the downside, although it continues to trade above the 200 day EMA. Therefore, USD/JPY is trading at 139.83, down 0.96%.

USD/JPY Price Analysis: Technical Perspective

Once USD/JPY fell below the 100 day EMA, the bias shifted to neutral to the downside, although note that crucial support levels lie below the spot price. If Japanese yen (JPY) buyers are to extend their gains, they need to break the three-month low of 137.65, which would compound a slide towards a six-month-old uptrend line of support around 136.70.

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In the short term, USD/JPY on the 4-hour chart broke out of a rising wedge, a continuation pattern formed after a first leg down. That being said, USD/JPY is trading comfortably around the S3 daily pivot. Therefore, the first support for USD/JPY would be the psychological level of 139.00, followed by the S4 daily pivot level at 138.87, ahead of the November 15 low at 137.65.

Key USD/JPY Technical Levels

USD/JPY

Overview
Last price today 139.76
Today I change daily -1.45
Today Daily Change % -1.03
today’s daily opening 141.21
Trends
daily SMA20 144.03
daily SMA50 145.01
daily SMA100 141.08
daily SMA200 133.6
levels
previous daily high 142.24
previous daily low 141.08
Previous Weekly High 140.8
previous weekly low 137.67
Previous Monthly High 151.94
Previous monthly minimum 143.53
Daily Fibonacci of 38.2%. 141.53
Daily Fibonacci of 61.8% 141.8
Daily Pivot Point S1 140.78
Daily Pivot Point S2 140.35
Daily Pivot Point S3 139.62
Daily Pivot Point R1 141.94
Daily Pivot Point R2 142.67
Daily Pivot Point R3 143.1

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Source: Fx Street

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