• USDJPY falls back below downtrend line
• Momentum oscillators shift south

USDJPY had a bullish start today, meeting the 50-day simple moving average (SMA) at 146.20 but returning quickly to the downside. The price fell back below the 23.6% Fibonacci retracement level of the bearish move from 161.94 to 139.56 at 144.80, as well as the short-term descending trend line.

From a technical perspective, the RSI is sloping down from the 50 level, while the stochastic posted a bearish crossover within its%K and%D lines.

The pair is currently flirting with the 20-day SMA at 143.20, and any further decreases could take the market to the previous trough of the 14-month low of 139.56.

In the positive scenario, a rise beyond the downtrend line and the 50-day SMA may see the pair testing the 147.15 resistance and the 38.2% Fibonacci of 148.10.

Overall, USDJPY has been in a downtrend in the short- and medium-term outlooks. A move above the 200-day SMA could change the bias to a more neutral one.