• USD/JPY Price Analysis: Bears attack 104.00, four-month-old support line in focus

    • USD/JPY refreshes the lowest levels since March 12 while standing on the slippery near 104.20.
    • Failures to bounce off 38.2% Fibonacci retracement, bearish MACD keep the sellers hopeful.
    • Bulls need a clear break above 106.10 before regaining the controls.

    USD/JPY prints half a percent loss while declining to 104.20 during the early Friday’s fall. The pair marks the seventh consecutive day of losses after declining below 50% Fibonacci retracement level of February-March downside. The south-run gains clues from the broad risk-off as well as the US dollar’s fresh fall to 26.5-month low. Additionally, bearish MACD adds strength to the pair sellers’ outlook.

    While considering the aforementioned catalysts, the USD/JPY prices are dropping fast towards 104.00 round-figures before attacking a downward sloping trend line from April 01, at 103.65 now.

    The 23.6% Fibonacci retracement level of 103.75 and March 10 low of 102.70 are extra filters to the pair’s further declines.

    Alternatively, 38.2% Fibonacci retracement level near 105.40 and June month’s low around 106.10 could restrict the quote’s near-term advances ahead of 50% Fibonacci retracement level of 106.70.

    USD/JPY daily chart

    Trend: Bearish


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