HomeContributorsTechnical AnalysisTechnical Outlook: USDJPY – Bears Dented 200SMA, Eye Daily Cloud Base

Technical Outlook: USDJPY – Bears Dented 200SMA, Eye Daily Cloud Base

The USDJPY pair posted marginally lower low at 110.28 on Monday, cracking 200SMA support and maintaining pressure on other key supports at 110.23/15 (18 May spike low / daily cloud base).

Recovery attempts were capped at 110.73 in early Europe, with Friday’s long bearish daily candle weighing on near-term action.

Hesitation at 200SMA and ahead of other key supports may keep the pair in extended consolidation, with extended upticks expected to hold below 111.15 (Fibo 61.8% of Fri/Mon fall). Barrier is reinforced by 10/55SMA bear-cross and daily Tenkan-sen, which maintain bearish pressure.

Only sustained break above here would sideline near-term bears and re-focus key barriers at 110.70/80 (Friday’s upside rejection / daily cloud top).

Res: 110.73, 111.15, 111.37, 111.70
Sup: 110.28, 110.15, 109.58, 109.60

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading