Further Price Decrease Envisaged in USDJPY Market

USDJPY is targeting the $103.2 level
USDJPY Price Analysis – November 27
Should the sellers maintain their momentum, the support level of $103.2 will be reached and it may be penetrated downside and decline to $102.1 and $101. In case the support level of $103.1 holds, the price may reverse and face the resistance levels at $104.3, $105.0, and $105.7.

Key levels:
Supply levels: $104.3, $105.0, $105.7
Demand levels: $103.2, $102.1, $101

USDJPY Long-term Trend: Bearish
The bears are yet to surrender to the bulls in the USDJPY market. In other words, USDJPY remains bearish in the daily chart. The currency pair has been under the control of the bears since November 11 when the price was unable to penetrate the resistance level of $105.7. The sellers push the price down with the formation of bearish candles. The barriers at $105 and $104.3 were penetrated downside and the price decline towards the support level of $103.2. The price pulled back on November 23 to retest the $104.3 level. The just mentioned level holds and it currently continues the bearish movement.
Should the sellers maintain their momentum, the support level of $103.2 will be reached and it may be penetrated downside and decline to $102.1 and $101. In case the support level of $103.1 holds, the price may reverse and face the resistance levels at $104.3, $105.0, and $105.7. The currency pair has penetrated the two dynamic support levels downside and it is trading below the 9 periods EMA and 21 periods EMA which connotes an increase in the bears’ pressure.

USDJPY Medium-term Trend: Bearish
The bears dominate the USDJPY markets. USDJPY falls after the formation of double chart pattern appears in the 4-hour chart; the price tested the resistance level of $105 on November 09, it pulled back and retest it a second time on November 11. The bulls interrupt the price declination around the $103 zone, pulls back, and continue the bearish trend at the moment.
USDJPY is trading below the 9 periods EMA and 21 periods EMA and the relative strength index period 14 is displaying a further decrease in price. Sell order can be placed at $103.940, Profit at $103.321, and Stop Loss at $104.114.