USD/JPY Price Analysis: Bears flirt with weekly support above 147.00

• USD/JPY remains bearish for the second consecutive day despite recent inaction around intraday low.
• Downbeat MACD, pullback from immediate horizontal resistance keep sellers hopeful.
• Bulls have a bumpy road to the north.

USD/JPY struggles around a one-week-old ascending support line even as bears keep the reins near 147.30 during Wednesday’s Asian session. In doing so, the yen pair drops for the second consecutive day while failing to justify the latest hesitance in breaking an immediate rest point.

Although the aforementioned trend line restricts immediate USD/JPY downside, the pair’s upside remains elusive unless it successfully crosses the horizontal area comprising multiple levels marked since Monday, around 148.35-45.

Following that, the 61.8% Fibonacci Expansion (FE) of the pair’s October 27 to November 01 moves, near 149.30, could test the USD/JPY bulls before directing them to the 150.00 round figure and the latest multi-year high marked in October around 151.95.

Alternatively, a downside break of the 147.25 level, comprising the previously mentioned support line, will need validation from the 50% Fibonacci retracement of October 27-31 upside, near 147.00, to convince USD/JPY bears.

In that case, the late October swing low near 145.10 and then to the 145.00 round figure becomes more likely.

Overall, USD/JPY remains on the bear’s radar ahead of the key Federal Open Market Committee (FOMC) meeting.

USD/JPY: Hourly chart

Trend: Further downside expected