Technical Analysis: USDJPY bears to remain hopeful below 105.65/70
In addition to the USDJPY pair's sustained trading below a three-week-old support line, now resistance, as well as 200-bar SMA, the quote's inability to cross 100-bar SMA and bearish MACD also favor the sellers. As a result, the monthly low of 104.93 is at the disposal during the pair's fresh downside past-105.20. However, any further downside will have to slip below the highs marked during September 18 and 21, around 104.85, to aim for 104.30 and the previous month's low near 104.00.
Meanwhile, 100-bar SMA, currently near 105.45, offers immediate upside barriers ahead of the joint between 200-bar SMA and the previous support line from September 21, around 105.65/70. It should also be noted that the 61.8% Fibonacci retracement and the monthly high will also add upside barriers, respectively near 105.80 and 106.10, during the USDJPY's fresh rise.