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USD/JPY Outlook: Close Below 200WMA To Signal Deeper Pullback

Bears are taking a breather on Friday but remain firmly in play following bearish signal generated on repeated close below pivotal Fibo support at 108.99 (23.6% of 102.59/110.96 / 200WMA).

The pair is also on track for the second consecutive strong bearish weekly close that adds to negative signals.

Bears eye immediate support at 108.40 (Mar 23 trough), violation of which would expose key levels at 108.76/68 (Fibo 38.2% of 102.59/110.96 / 55DMA) with break here to open way for deeper pullback.

Bearish daily techs support scenario with upticks into 109.30 zone (converging 10/30 DMA’s, on track to form bear-cross) to offer better selling opportunities.

Res: 108.99, 109.30, 109.53, 109.95.
Sup: 108.61, 108.40, 107.76, 107.14.

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