Pullback acceleration adds to signals of reversal
The USDJPY accelerated lower on Friday after a triple daily Doji, adding to signals that short recovery from 133.62 (Dec 2 low, the lowest since Aug 16) might be over.
Fresh bears hit 50% retracement of 133.62/137.85 upleg and eyeing key 200DMA (135.03) for retest, after attacks on Dec 2/5 failed to register a clear break lower.
Rising negative momentum and most of moving averages being in bearish setup on daily chart, add to negative signals.
Weekly close below 200DMA would be a minimum requirement to keep renewed bears in play and neutralize signals from formation of inverted hammer, reversal signal, on weekly chart.
Res: 136.81; 137.85; 138.40; 140.00
Sup: 135.47; 135.03; 134.41; 133.62