As for USD/JPY pair, last week's failure near the 61.8% Fibonacci retracement level of the recent downfall from the monthly peak and a subsequent fall below the 200-period Simple Moving Average (SMA) on the 4-hour chart favors the bears. This, along with negative oscillators on daily/hourly charts, suggests that the path of least resistance for spot prices remains to the downside and supports prospects for deeper losses. Hence, some follow-through weakness towards the 143.00 mark, en route to the next relevant support near the 142.40 area, looks like a distinct possibility. The pair could eventually drop to the 142.10 area, or the monthly low touched last Tuesday.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.