USDJPY Bears maintain control further decline seems hindered

USDJPY prods a short-term key support confluence and remains under pressure at the weekly low.

During the early hours of Thursday, the USDJPY is trading down at the weekly low of 134.50. As a result, the Yen pair falls for the third consecutive day, prodding the 21-day EMA and an upward-sloping support line from March 24, at 134.40-50.

It’s worth mentioning that the Yen pair’s repeated failures to offer a daily close above 138.00, together with the pair’s downward movements that breached the prior support zone around 135.25-15, encompassing levels established since mid-February, have kept USDJPY bearish optimistic.

Similarly, the looming bear cross on the MACD strengthens the downside bias. The 21-day EMA and a five-week-old rising support line, however, drive Yen pair sellers around the 134.50-40 support confluence.

The 50-day moving average then converged. The USDJPY pair will be watching the EMA and 200-day EMA at 133.85 as it holds the gate for the bear’s welcome.

Meanwhile, to persuade short-term bulls, USDJPY buyers need confirmation from the immediate multi-day resistance zone of around 135.15-25.

Nonetheless, multiple obstacles near 136.70, 137.00, and 138.00 can prod USDJPY buyers afterward before giving them control.

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