USDJPY
pair remains under heavy selling pressure for the fourth successive day on Tuesday – also marking the fifth day of a negative move in the previous six – and dives to over a two-month low heading into the European session. With the latest leg down, spot prices have retreated over 450 pips from the 152.00 neighbourhood, or the YTD peak touched earlier this month, and seem vulnerable to depreciate further amid the prevalent selling bias surrounding the US Dollar (USD). On the flip side, the 148.00 round figure now seems to act as an immediate hurdle ahead of the 23.6% Fibo. level, around the 148.35 region. A sustained strength beyond might trigger a short-covering rally and allow the
USDJPY
pair to reclaim the 149.00 mark. Any further move up, however, is more likely to attract fresh sellers and remain capped near the 149.25 region. The latter should act as a key pivotal point, which if cleared could negate the negative outlook and shift the near-term bias back in favour of bullish traders.
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TP : 147.800
TP : 148.500
SL : 146.800