USDJPY bears eye weekly support

<p><strong>By <a href="http://investmacro.com/contributors/contributor-profile-forextime/">ForexTime</a> </strong></p>
<div>
<div>
<ul>
<li><span lang="EN-US" xml:lang="EN-US">USDJPY under pressure on D1/H4 timeframe<br />
</span></li>
</ul>
<ul>
<li><span lang="EN-US" xml:lang="EN-US">Weekly support next key point of interest<br />
</span></li>
</ul>
<ul>
<li><span lang="EN-US" xml:lang="EN-US">4 potential targets identified on the H4 chart<br />
</span></li>
</ul>
<ul>
<li><a><span lang="EN-US" xml:lang="EN-US">Bearish scenario invalided above 147.452  </span></a></li>
</ul>
<h3><span lang="EN-US" xml:lang="EN-US">The USDJPY could be on the cusp of creating a new impulse wave in the current downtrend.</span></h3>
<p><span lang="EN-US" xml:lang="EN-US">Bulls tried to reach the weekly resistance level yesterday but were unable to shake the bearish resolve. Prices seem to be picking up negative momentum and might be heading south to a weekly support level at 144.758. </span></p>
<p><img fetchpriority="high" decoding="async" class=" lazyloaded" src="https://www.forextime.com/s3-static/users/user17/USDJPYDaily_05122023.png" alt="" width="1000" height="800" data-entity-type="file" data-entity-uuid="09580821-f714-42fd-a8ad-4b68de4d3526" data-src="/s3-static/users/user17/USDJPYDaily_05122023.png" /></p>
<p><span lang="EN-US" xml:lang="EN-US">Looking at the structure of the market on a lower time frame for better timing, the H4 chart proves to give valuable insight. The potential bearish momentum is confirmed by the price being below the 50 Linear Weighted Moving Average with both the Momentum Oscillator and the Moving Average Convergence Divergence (MACD) in bearish terrain. </span></p>
<p><span lang="EN-US" xml:lang="EN-US">The weekly resistance level might be re-tested but if it holds and the price <strong>reaches the 146.226 level, a short opportunity will be triggered. </strong></span></p>
<p><span lang="EN-US" xml:lang="EN-US">Attaching a modified Fibonacci tool to the trigger level just below the last lower bottom at <strong>146.226</strong> and dragging it to just above the last lower top at <strong>147.452</strong>, four possible </span><span lang="EN-US" xml:lang="EN-US">targets can be established:</span></p>
<ul>
<li>
<h3><span lang="EN-US" xml:lang="EN-US">The first potential target is at 145.736 (Target 1). This target will mainly be for risk management.</span></h3>
</li>
<li>
<h3><span lang="EN-US" xml:lang="EN-US">The second price target is likely at 145.490 (Target 2) and now the risk of the overall position should be almost none. </span></h3>
</li>
<li>
<h3><span lang="EN-US" xml:lang="EN-US">The third price target is possible at 145.000 (Target 3), just before the weekly support level. </span></h3>
</li>
<li>
<h3><span lang="EN-US" xml:lang="EN-US">The fourth and last price target is feasible at 144.387 (Target 4) if the bears manage to break through the next weekly support level. </span></h3>
</li>
</ul>
<p><strong><span lang="EN-US" xml:lang="EN-US">If the price at 147.452 is broken, this scenario is no longer applicable. </span></strong></p>
<p><img decoding="async" class=" lazyloaded" src="https://www.forextime.com/s3-static/users/user17/USDJPYH4_05122023.png" alt="" width="1000" height="800" data-entity-type="file" data-entity-uuid="d1c39c61-5811-4f65-afe2-0c3a8945e7b7" data-src="/s3-static/users/user17/USDJPYH4_05122023.png" /></p>
</div>
<div></div>
</div>
<hr />
<p><img decoding="async" class="size-full wp-image-54242 alignleft" src="https://www.investmacro.com/articles-analysis/wp-content/uploads/2014/07/Forex-Time-Logo.png" alt="Forex-Time-Logo" width="262" height="90" /><strong>Article by <span><a href="https://www.investmacro.com/contributors/contributor-profile-forextime/">ForexTime</a></span></strong></p>
<p><strong>ForexTime Ltd (FXTM)</strong> is an award winning international online forex broker regulated by CySEC 185/12 <a href="http://www.forextime.com" target="_blank" rel="noopener">www.forextime.com</a></p>