FxWirePro: USD/JPY breaks below 50% Fib, hits fresh 7-week lows

USD/JPY chart - Trading View 

USD/JPY was trading 0.19% lower on the day at 106.337 at around 04:15 GMT.

The major has broken below 50% Fib at 106.44 and has hit fresh 7-week lows at 106.20.

Price action is extending weakness below daily cloud and technical indicators support further weakness.

RSI is well below 50 and biased lower, Stochs are strongly bearish. GMMA shows both major and minor trend are bearish.

'Death Cross' (bearish 50-DMA crossover on 200-DMA) on the daily charts to plummet prices further. 

Scope for dip till 61.8% Fib at 105.20. Bearish invalidation only above 200-DMA. 

Major Support Levels: 106, 105.59 (Lower BB), 105.20 (61.8% Fib)

Major Resistance Levels: 106.72 (5-DMA), 107, 107.30 (21-EMA)