HomeContributorsTechnical AnalysisTechnical Outlook: USDJPY – Risk Of Deeper Pullback Remains In Play

Technical Outlook: USDJPY – Risk Of Deeper Pullback Remains In Play

The USDJPY pair remains in red in early Friday’s trading and pressures Thursday’s low at 113.44, where Fibo 38.2% of 112.07/114.36 upleg offered temporary support.

Pullback from double-rejection at 114.36, triggered by profit-taking, may extend on weakening near-term studies as thick hourly cloud capped recovery attempts and maintains pressure.

Loss of 113.46 handle would expose next strong supports at 113.05 (rising daily Tenkan-sen and 10/100 SMA bull-cross) and 112.79 (daily cloud top), loss of which would signal stronger correction The notion is supported by reversal of daily RSI/slow stochastic from overbought territory.

Res: 113.93, 114.10, 114.36, 114.87
Sup: 113.44, 113.05, 112.79, 112.38

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