Fri, Jun 09, 2023 @ 00:46 GMT
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USDJPY – Strong Upside Rejection Last Week And Subsequent Fall Continues To Weigh On Near-Term Action

The pair is consolidating above 112.60 (low of strong three-day fall from 114.94 (15 Feb high).

Near-term action remains biased lower following strong upside rejection at 114.94 that left daily candle with long upper shadow and subsequent strong acceleration lower.

Near-term action is holding below bearishly aligned daily Tenkan-sen / Kijun-sen lines (113.28 / 113.59) with the latter expected to cap extended upticks, ahead of fresh push lower.

We need to see clear break below cracked 112.86 support (Fibo 61.8% of 111.57/114.94 upleg) to confirm bearish stance.

Loss of 112.60 handle would open psychological 112.00 support and expose key support and near-term base at 111.60.

Conversely, break and close above daily Kijun-sen would sideline persisting downside risk, in favor of stronger correction of 114.94/112.60 downleg

Res: 113.28, 113.59, 113.77, 114.05
Sup: 112.60, 112.37, 112.00, 111.60

Windsor Brokers Ltd
Windsor Brokers Ltd
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