USD/JPY affected by negative pressures. - Technical Analysis - 05-01-2016

 USD/JPY gave up ground in its intra-day levels and short-term trading, which comes following a series of declining sessions due to the pair being affected by breaking through the upward trend line in the short term as shown in the attached chart previously, and with the continuing negative pressure from the simple moving average for the period 50, settling thereafter below the resistance of 119.94, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 116.13 to 123.75).

 

Therefore we expect more losses for the pair, especially if it broke through the support of 119.04, targeting thereafter the crucial support of 117.93, which represents the ratio 76.4% of the same retracement levels.