Home USD/JPY Technical Analysis: pair is testing 50-hour MA support after descending triangle breakdown
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USD/JPY Technical Analysis: pair is testing 50-hour MA support after descending triangle breakdown

The USD/JPY is trading at the 50-hour moving average (MA) support of 113.44, having suffered a descending triangle breakdown on the 15-minute chart earlier today.

15-minute chart

  • The bears are in a commanding position on the 15-minute chart, courtesy of the triangle breakdown and a deeper drop to 113.14 could unfold if the spot establishes a lower low with a move below 113.42.

Hourly chart

  • As seen above, the pair has created a falling channel for the third time in five days. The previous two falling channel ended with a bull breakout and history might repeat itself if the equities stabilize in Europe, reducing the haven demand for the JPY and the US retail sales, due at 13:30 GMT, blow past expectations.

Trend: Neutral

USD/JPY

Overview:
       Today Last Price:  113.45
       Today Daily change:  -15  pips
       Today Daily change %:  -0.132%
       Today Daily Open:  113.6
Trends:
       Previous Daily SMA20:  113.17
       Previous Daily SMA50:  113
       Previous Daily SMA100:  112.35
       Previous Daily SMA200:  110.72
Levels:
       Previous Daily High:  113.71
       Previous Daily Low:  113.18
       Previous Weekly High:  113.83
       Previous Weekly Low:  112.23
       Previous Monthly High:  114.25
       Previous Monthly Low:  112.3
       Previous Daily Fibonacci 38.2%:  113.51
       Previous Daily Fibonacci 61.8%:  113.39
       Previous Daily Pivot Point S1:  113.29
       Previous Daily Pivot Point S2:  112.97
       Previous Daily Pivot Point S3:  112.76
       Previous Daily Pivot Point R1:  113.81
       Previous Daily Pivot Point R2:  114.02
       Previous Daily Pivot Point R3:  114.34

 

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