USDJPY hits five-month low

USDJPY continues to trend lower within larger bear channel and fell to five-month low on Thursday as dollar remains under increased pressure from trade war uncertainty and Fed’s dovish shift.

Fresh probe below important Fibo support at 149.22 (50% retracement of 139.57/158.87 ascend) looks for final weekly close below this level (after repeated failure in past two weeks) to confirm bearish signal for deeper drop towards 146.95 (Fibo 61.8%).

Bearish momentum remains strong on daily chart, with the latest formation of 30/200 death cross, adding to bearish near-term structure.

Broken Fibo level at 149.22 reverted to resistance and should keep the upside protected, to avoid scenario of repeated failure to register weekly close below here and boost signals of bear-trap formation.

Res: 148.69; 149.22; 149.50; 150.00
Sup: 147.56; 146.95; 146.49; 146.00