USD/JPY Price Analysis: Slips further below 107.00 to refresh six-week low, bears eye sub-106.00 area

• USD/JPY remains pressured below 107.00.
• A sustained break of 106.90, directs the sellers towards another horizontal support.
• The monthly falling trend line adds to the upside barriers.

USD/JPY refreshes the six-week low while taking the offers near 106.50, down 0.33% on a day, during the early Wednesday’s trading session.

In doing so, the pair portrays the five-day losing streak while also extending the break below a horizontal line comprising early and mid-month lows near 106.90.

Also supporting the bears is the pair’s drop beneath 50% Fibonacci retracement level of February-March downside, which in-turn pushes them towards a horizontal line joining March 05 low and March 10 high around 105.95/90.

During the pair’s further downside below 105.90, 105.00 could lure the sellers.

Meanwhile, an upside clearance of 106.90 will have to cross the monthly resistance line, currently near 107.60, as well as cross 61.8% Fibonacci retracement level of 108.00 to recall the buyers.

USD/JPY daily chart

Trend: Bearish