Fresh bearish acceleration on Monday (down 1.1% since opening), broke clearly through pivotal Fibo support at 138.62 (61.8% of 130.39/151.94) which recently contained several attacks and cracked Nov 15 spike low at 137.67, hitting the lowest since late August.
This signals continuation of larger downtrend from multi-decade peak (151.94), which paused for consolidation in past two weeks after a massive losses in the first week of November.
Bears focus target at 135.47 (Fibo 76.4%) but see a minimum requirement on close below 138.62 (Fibo 61.8%) for confirmation.
Daily studies show strong negative momentum and MA’s in full bearish setup that reinforces bearish structure, along with a massive monthly bearish candle (USDJPY is on track for a drop of over 7% in November).
Res: 138.62; 139.50; 139.79; 140.00.
Sup: 137.49; 136.17; 135.81; 135.47.
