USD/JPY throws in the towel as selling activity dominates.

The USD\JPY pair fell in the intraday and short term levels, as a negative pressure from the simple moving average for the period 50 persists, and after exiting the sideway areas in which it traded for some time in the short time. The pair remains stabilized below the resistance level of 121.58, which represents the ratio 38.2% of the Fibonacci retracement levels for an ascending wave in the short term (from 118.08 to 123.75)

 

Therefore we expect a depreciation of the pair, especially in case of it settling down the support of 120.92, targeting the support of 120.24, which represents the ratio 61.8% of the same retracement levels.