HomeContributorsTechnical AnalysisTechnical Outlook: USDJPY – Pivotal Supports At 111.64/48 Remain Under Pressure

Technical Outlook: USDJPY – Pivotal Supports At 111.64/48 Remain Under Pressure

The pair stays at the back foot on Friday and keeps near-term risk shifted lower, despite repeated failure to close below Fibo support at 111.64 (50% of 108.80/114.49 upleg).

Double-Doji on Wed/Thu signaled indecision of bears from 114.49 (11 July high) but strong upside rejections of recovery attempts kept the pair under pressure.

Bear-cross of 10/20SMA which is forming above is increasing bearish pressure.

Firm break below 111.64 would open next supports at 111.23 (daily cloud top), 110.97 (Fibo 61.8% of 108.80/114.49 upleg) and 110.76 (daily cloud base).

The pair is on track for the second weekly bearish close which signals strong bearish stance.

Alternative scenario requires sustained lift above 112.70 to sideline bears and signal stronger recovery.

Res: 112.07, 112.67, 112.70, 113.00
Sup: 111.64, 111.48, 111.23, 110.97

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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