Thu, Dec 09, 2021 @ 07:54 GMT
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USDJPY – Risk Of Deeper Pullback After Upside Rejection At 55SMA

Pullback from yesterday’s strong upside rejection at 115.00 barrier (55SMA) extends today and probes below pivots at 113.65/60 (Fibo 38.2% of 111.57/114.94 upleg / daily Kijun-sen).

Break here would generate stronger bearish signal for further easing.

Yesterday’s bearish candle with long upper shadow weighs, along with slow stochastic that reversed from o/b territory and showing plenty of room at the downside.

Near-term risk is turning towards next pivot at 113.26 (daily Tenkan-sen / 50% retracement), loss of which would confirm reversal and open targets at 112.86/37 (Fibo 61.8% and 76.4% of 111.57/114.94 upleg).

Hourly Ichimoku cloud (spanned between 113.90 and 114.15) is expected to cap upside attempts and guard upper pivot at 115.00.

Res: 113.90, 114.15, 114.29, 115.00
Sup: 113.54, 113.26, 112.86, 112.37

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