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USDJPY : Testing Key Support at 101.19, More Losses to Come

(USDJPY : Daily Chart)

Yesterday in my post about USDJPY I said that the pair might be heading towards the negative territory. It declined below 200 day SMA yesterday on the daily chart and continued its decline. The next support level it should find at 101.19. From this level it might rise but if it continued to decline it will find the next support level at 100.79.  

(USDJPY : 4 Hour Chart)

On the 4 hour chart the pair seems like following a downward sloping channel trend confirming a bearish trend. Yesterday the 50 day SMA crossed below the 200 day SMA giving a bearish signal so we might expect a break down from the support trend line of the channel. Now 100 day SMA has also started contracting towards the 200 day SMA showing a bearish continuation. Downbeat US personal spending data released yesterday continue to weigh on US Dollar. Today University of Michigan is about to release the Revised Consumer Sentiment Report. Let’s see what it brings to the pair – more losses or gains?