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USD/JPY Technical Analysis: Bearish breakdown confirms a follow-through slide to sub-111.00 level

   •  The pair now seems to have found acceptance below important confluence support, comprising of a short-term ascending trend-line and 100-day SMA.

   •  A subsequent fall below 23.6% Fibo. level of the 104.63-114.55 upswing confirms a bearish breakthrough a symmetrical triangular formation on the daily chart.

   •  With technical indicators on the daily chart holding in the bearish territory and still far from being oversold, the pair remains vulnerable to extend the ongoing slide.

   •  Hence, a follow-through weakness, towards testing 200-day SMA and 38.2% Fibo. level confluence support, around the 110.80 region, now looks a distinct possibility.

USD/JPY daily chart


    Today Last Price: 111.79
    Today Daily change: -80 pips
    Today Daily change %: -0.711%
    Today Daily Open: 112.59
    Previous Daily SMA20: 113.18
    Previous Daily SMA50: 112.99
    Previous Daily SMA100: 112.41
    Previous Daily SMA200: 110.85
    Previous Daily High: 112.64
    Previous Daily Low: 112.09
    Previous Weekly High: 113.71
    Previous Weekly Low: 112.24
    Previous Monthly High: 114.25
    Previous Monthly Low: 112.3
    Previous Daily Fibonacci 38.2%: 112.43
    Previous Daily Fibonacci 61.8%: 112.3
    Previous Daily Pivot Point S1: 112.24
    Previous Daily Pivot Point S2: 111.88
    Previous Daily Pivot Point S3: 111.68
    Previous Daily Pivot Point R1: 112.8
    Previous Daily Pivot Point R2: 113
    Previous Daily Pivot Point R3: 113.35


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