The accelerated lower on Monday and cracked key support – weekly 200SMA (113.15), increasing pressure on next pivotal supports at 112.95 (Fibo 38.2% of 110.38/114.54) and 112.83 (rising 20SMA).
Increasing safe-haven demand on rising US yields inflated yen, signaling that USDJPY’s pullback from 114.54 high could extend further.
Close below 200WMA would generate bearish signal, which would be reinforced on loss of 112.95/83 pivots and open way for extension towards 112.46 (Fibo 50%/daily Kijun-sen) and 112.27 (rising 30SMA).
Formation of Doji reversal pattern on weekly chart adds to negative outlook, along with reversal of weekly slow stochastic from overbought zone.
Res: 113.54; 113.94; 114.10; 114.54
Sup: 112.95; 112.83; 112.46; 112.27
