USD/JPY drops to a five-month low

USD/JPY remains in a downward trajectory within a broader bearish channel, hitting a five-month low on Thursday as the dollar continues to face mounting pressure from trade war uncertainty and the Fed’s dovish stance.

A fresh break below the key Fibonacci support at 149.22 (50% retracement of the 139.57–158.87 rally) seeks a decisive weekly close beneath this level. A confirmed close below, after multiple failed attempts in the past two weeks, would reinforce the bearish outlook and open the door for a deeper decline towards 146.95 (Fibo 61.8%).

Bearish momentum remains strong on the daily chart, further supported by the recent 30/200-day death cross, which strengthens the near-term negative bias.

The broken 149.22 Fibo level has now turned into resistance, likely capping upside attempts. Failure to secure a weekly close below this level could revive concerns of a bear trap.

Resistance: 148.69; 149.22; 149.50; 150.00
Support: 147.56; 146.95; 146.49; 146.00