HomeContributorsTechnical AnalysisTechnical Outlook: USDJPY – Consolidation Above 111.02 Target To Precede Fresh Bears

Technical Outlook: USDJPY – Consolidation Above 111.02 Target To Precede Fresh Bears

The pair holding within narrow consolidation above target at 111.02 (50% retracement of 107.31/114.73 ascend) in early Thursday’s trading.

Strong bearish acceleration on Wednesday eventually took out key supports at 111.90 (daily cloud top) and 111.70 (converged 100/200SMA’s) and generated strong signal of bearish continuation.

Bids at 111.00 zone could trigger extended consolidation, however, with limited upside action seen ideally capped by 100/200 SMA’s, guarding daily cloud top.

Firm break below 111.02 support would open way towards daily cloud base (110.37) and Fibo support at 110.15 (61.8% retracement of 107.31/114.73).

However, holiday-thinned trading may delay bears.

Res: 111.70, 112.01, 112.48, 112.90
Sup: 111.02, 110.66, 110.37, 110.15

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