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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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