USDJPY 1H Technical Analysis: Bearish Structure Dominates Below JAPANESE YEN / U.S. DOLLARFX_IDC:JPYUSDHenrybillionUSDJPY 1H Technical Analysis: Bearish Structure Dominates Below Supply – Fibonacci, EMA & RSI Intraday Outlook USDJPY on the 1H timeframe is currently trading around 0.006407 (chart scaled representation), consolidating below a clearly defined supply zone after a strong bearish impulse. Market structure shows multiple CHoCH signals followed by a breakdown, confirming short-term bearish control. Today’s focus is on trend continuation toward weak lows, Fibonacci retracement reactions, EMA positioning, and RSI momentum alignment. Market Structure Breakdown: CHoCH to Bearish Continuation Key observations from the chart: Multiple bearish CHoCH formations Strong impulsive sell-off breaking prior structure Failure to reclaim mid-range resistance Lower highs forming beneath supply The overall structure remains bearish while price trades below the 0.006420–0.006440 supply zone. Key Resistance Levels 0.006420 – Immediate intraday resistance 0.006440 – 0.006480 Major supply zone 0.006520 – Higher timeframe resistance 0.006550 – Strong High As long as price remains below 0.006440, bearish continuation is the higher probability scenario. Key Support Zones 0.006385 – Minor support 0.006370 – Weak Low (Liquidity target) 0.006330 – Lower timeframe demand 0.006310 – Major liquidity pool The 0.006370 weak low is the immediate liquidity objective. Fibonacci Retracement Analysis (Recent Swing High → Swing Low) Applying Fibonacci from the recent swing high near 0.006480 to the swing low near 0.006370: 23.6%: ~0.006395 38.2%: ~0.006410 50%: ~0.006425 61.8%: ~0.006440 Price is currently trading around the 38.2% retracement level. If 0.006420–0.006440 holds as resistance, continuation toward 0.006370 is likely. EMA Dynamic Structure EMA 20 sloping downward EMA 50 above price Bearish alignment confirmed Price remains capped below both EMAs, reinforcing downside bias. Only a strong 1H close above EMA 50 would invalidate short-term bearish control. RSI Momentum Analysis RSI behavior confirms weakness: RSI struggling below 50 midline No bullish divergence present Momentum favors sellers If RSI drops below 40 → acceleration toward 0.006370 likely. If RSI reclaims 55 → potential short squeeze scenario. High-Probability Trading Scenarios Scenario 1: Bearish Continuation Toward Weak Low Conditions: Rejection from 0.006420–0.006440 RSI below 45 No bullish structure shift Entry: Sell near 0.006415–0.006430 Stop above 0.006450 Targets: 0.006385 → 0.006370 → 0.006330 This aligns with Fibonacci retracement rejection and trend continuation. Scenario 2: Deeper Pullback Into 61.8% Zone Conditions: Break above 0.006420 RSI above 50 Strong bullish candles Entry: Sell at 0.006440 supply Stop above 0.006480 Targets: 0.006400 → 0.006370 This is a premium supply reaction setup. Scenario 3: Bullish Reversal Only Above 0.006480 Conditions: Strong 1H close above supply RSI above 60 Confirmed BOS to upside Entry: Buy pullback after breakout Stop below 0.006440 Targets: 0.006520 → 0.006550 Until this occurs, bullish bias remains low probability. Intraday Bias Summary Short-term bias: Bearish below 0.006440 Momentum: Weak under RSI 50 Primary target: 0.006370 liquidity Invalidation level: Above 0.006480