The USD/JPY reached a high of 140.45 on Monday, which was the highest level it had seen since May 30th. However, it began to pull back and accelerated its descent after the release of US data. The pair was unable to maintain a level above 140.00.
On the 4-hour chart, the USD/JPY has fallen below its 20-period Simple Moving Average (SMA). Immediate support is at 139.20, followed by the 138.95/139.00 zone. If the pair continues to decline, attention will turn to last week's low at 138.40. A recovery above 139.60 could alleviate the bearish pressure.
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