USD/JPY Technical Analysis: Drops to H4 100-period SMA/38.2% Fibo. confluence support

   •  The pair extended previous session's bearish breakthrough a rectangular chart pattern and tumbled to over one-week low during the early North-American session on Thursday.

   •  A sustained weakness below overnight/early European session swing low level of 113.30 was seen as a key trigger behind the latest leg of a sudden drop to an important confluence support. 

   •  The mentioned confluence region comprises 38.2% Fibonacci retracement level the 111.38-114.21 recent upsurge and 100-period SMA on the 4-hourly chart. 

   •  However, technical indicators on hourly charts have dropped into oversold territory, but are still holding in the bullish territory on the daily chart.

   •  Hence, bearish traders are likely to wait for a sustained breakthrough the 113.00 handle before confirming that the pair might have topped out in the near-term or positioning for any further depreciating move. 
 

USD/JPY 4-hourly chart