USD/JPY Price Analysis: Yen bears appear well set to refresh weekly low around 132.90

USD/JPY fades bounce off eight-day low as 50-DMA challenges corrective bounce.
Impending bear cross on MACD, steady RSI favor continuation of the latest downside.
100-DMA, 3.5-month-old ascending trend line appear tough nuts to crack for Yen pair sellers.

USD/JPY drops back towards the lowest levels in a week, mildly offered near 133.55 by the press time, as it defends the previous day’s downside break of the 50-DMA amid early Wednesday.

Adding strength to the bearish bias is the steady RSI (14) line around the 50.00 level, as well as the looming bear cross on the MACD indicator.

With this, the Yen pair is all set to revisit the eight-day low marked on Tuesday around 133.35. However, the 100-DMA support of near 132.90 could challenge the USD/JPY bears afterward.

In a case where the quote remains bearish past 132.90, an upward-sloping support line from the mid-January, close to 131.90 by the press time, will be the last defense of the Yen pair buyers as a break of which could open doors for the pair’s fall towards the yearly low of near 127.20.

Alternatively, a daily closing beyond the 50-DMA level of 133.80 becomes necessary for the USD/JPY buyers to take the risk of fresh entry.

Even so, the latest swing high around 135.15 and a horizontal area comprising multiple levels marked since November 2022, surrounding 133.45-70, will be a tough nut to crack for the Yen pair bulls.

To sum up, USD/JPY remains on the bear’s radar with the 50-DMA breakdown.