USDJPY below a level that was a Support since September 2021!

The USDJPY pair made a strong rejected shortly after our previous analysis where we called for a strong sell at the top of the (now) 6-month Bullish Megaphone pattern:


Following a fake-out just above the Megaphone, the rejection was much stronger and so far much longer that any of the previous ones in 2022. The price not only broke below the 1D MA50 (blue trend-line) but also the 1D MA100 (green trend-line), which has been the long-term Support and unbroken since September 23 2021 and where the previous Megaphone Higher Low was made (August 02 2022).

Right now the 1D MA100 is being tested as a Resistance, which the price has failed to break on 4 straight days. The more it fails, the more likely it is to test the bottom (Higher Lows trend-line) of the Megaphone and if broken, target the 1D MA200 (orange trend-line). A closing above the 1D MA100 however, targets the 1D MA50 but as with early August, this still doesn't restore the uptrend. The pair typically needs a clear closing above the 1D MA50 to do so, in which case we can expect at least the 0.618 Fib to be tested if not the previous High.



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