Near-term bias remains negative below 140
The USDJPY edges lower on Wednesday, keeping negative bias below psychological 140 barrier, after repeated failure to clear this level in past three days.
Overall picture is still bullish but weakening, as falling 14-d momentum is approaching the border of negative territory and RSI / Stochastic are heading south.
Break of pivotal supports at 138.54/26 zone (rising 20DMA / June 1 trough / Fibo 23.6% of 129.64/140.93 rally) is needed to generate strong bearish signal (also to complete a daily failure swing pattern) for extension of pullback from 2023 high at 140.93.
Conversely, prolonged sideways mode could be expected while the price stays above 138.26 pivot, though the action will remain bearishly aligned as long as 140 barrier caps.
Res: 139.73; 140.00; 140.93; 142.25
Sup: 138.54; 138.26; 137.77; 137.29