USDJPY is losing more ground after the negative reading of the US retail sales today and also after the spike towards the 20-day simple moving average (SMA) at 131.40 that was posted earlier in the day. The price is battling with the 61.8% Fibonacci retracement level of the upward wave from 114.64 to 151.93.
The MACD is extending its negative momentum beneath its trigger and zero lines, while the RSI is flattening near the 30 level, suggesting some weak bias.
A pullback may meet immediate support around the seven-month low of 127.21 ahead of the significant region of 125.10-126.30, penetrating the lower boundary of the descending channel to the downside.
In the positive scenario, the pair could improve above the 61.8% Fibonacci of 128.70 to challenge the 129.50 barrier. The 20-day SMA at 131.50 and the 50.0% Fibonacci at 133.10 remain the big highlight ahead of the 134.50 obstacle. Also, the death cross within the 50- and the 200-day SMA at 136.80 could be a key level to have in mind in case of a brighter outlook.
In brief, USDJPY is turning lower again in the short-term, remaining within the medium-term downward sloping channel.
USDJPY is losing more ground after the negative reading of the US retail sales today and also after the spike towards the 20-day simple moving average (SMA) at 131.40 that was posted earlier in the day. The price is battling with the 61.8% Fibonacci retracement level of the upward wave from 114.64 to 151.93.
The MACD is extending its negative momentum beneath its trigger and zero lines, while the RSI is flattening near the 30 level, suggesting some weak bias.
A pullback may meet immediate support around the seven-month low of 127.21 ahead of the significant region of 125.10-126.30, penetrating the lower boundary of the descending channel to the downside.
In the positive scenario, the pair could improve above the 61.8% Fibonacci of 128.70 to challenge the 129.50 barrier. The 20-day SMA at 131.50 and the 50.0% Fibonacci at 133.10 remain the big highlight ahead of the 134.50 obstacle. Also, the death cross within the 50- and the 200-day SMA at 136.80 could be a key level to have in mind in case of a brighter outlook.
In brief, USDJPY is turning lower again in the short-term, remaining within the medium-term downward sloping channel.
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