USD/JPY Reached 200SMA

The USD/JPY pair traded right below the 200SMA on Thursday and Friday last week as bears took control over the pair and pushed price down to levels below 109.50. The pair is now in between the major SMAs - 200, 100 and 50.

We can expect the bearish trend to continue as we as seeing a slowdown in the US economy and looming trade concerns.

Bears can attempt to push the price down to levels below the 100SMA which falls at 108.07. If that happens, their major target would be to get to the lower trend line of the long term downward trade channel at 102.40.

Chart: USD/JPY D1