USDJPY edged higher after fresh acceleration lower in European session on Monday, hit new multi-week low.
Bears found footstep at 50% retracement of 148.64/158.87 upleg, but upside is likely to be limited, as broken supports at 154.96/76 (Fibo 38.2% / 55DMA) and 154.80 (bull-trendline) reverted to strong resistances.
Daily close below these levels to verify fresh bearish signal (also generated on break of the base of multi-day range.
Weaker technical picture on daily chart (14-d momentum falling deeper into negative territory / Tenkan/Kijun-sen bear cross) support bearish near-term outlook.
Close below trendline is seen as minimum requirement to keep bears in play for renewed attack at 151.71 (session low / Fibo 50%), violation of which to expose targets at 152.81/55 (200DMA / Fibo 61.8%).
Alternatively, bounce and close above 155.00 zone would sideline immediate bears and signal possible false break lower (formation of bear-trap).
Res: 154.96; 155.98; 156.46; 156.79
Sup: 153.71; 153.16; 152.81; 152.55
 and 154.80 (bull-trendline) reverted to strong resistances.){kind=link}