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USDJPY tumbles after technical levels converge near 158.00

The pair fell back below the 100- and 200-bar moving averages near 157.666 and 157.600, with support highlighted around 156.22.

Reported · Written up by our desk · Major Pairs

Forexlive reports that USDJPY has been trading in sharp “chunks,” and traders are watching specific technical levels based on how the price reacts to them.

The outlet points to a move from Friday’s high at 160.885 down to Monday’s low at 155.219, followed by a corrective rebound that repeatedly stalled at the 200-bar moving average.

After the subsequent rally, USDJPY ran into another technical barrier where the 200-day moving average lined up with the 50% retracement of the decline from Friday’s high just below 158.00, prompting sellers to step in.

Forexlive says the price has now dropped back below both the 100- and 200-bar moving averages near 157.666 and 157.600, keeping a near-term downside focus on 156.22 unless buyers reclaim those levels.

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