Fri, Dec 09, 2022 @ 15:31 GMT
HomeContributorsTechnical AnalysisUSDJPY – First Probe Below 112.50 Base Failed, Bearish Tech Maintain Downside...

USDJPY – First Probe Below 112.50 Base Failed, Bearish Tech Maintain Downside Pressure

Probe below strong supports at 112.50 base on yesterday’s acceleration lower was so far seen as false break.

Quick recovery that closed above 112.50 trigger and subsequent extension to 113.60 sidelined immediate downside risk.

However, daily techs remain in strong bearish setup and maintain risk for fresh attempts lower.

Falling daily Tenkan-sen marks initial barrier at 113.72 and stays intact for now, with extended upticks seen towards 114.10 (Fibo 61.8% of 115.36/112.06 downleg).

Renewed attack at 112.50 base and 112.00 zone (yesterday’s low / Fibo 38.2% of 101.17/118.65 ascend) require clear break lower to resume bear-leg from 118.65/59 double-top and expose psychological 110.00 support.

Conversely, sustained lift above 114.56 (Fibo 38.2% of 118.59/112.06 downleg) would turn near-term focus higher and increase risk of retesting key barriers at 115.33 (daily Kijun-sen) and 116.02 (daily cloud top).

Res: 113.60, 113.72, 114.10, 114.58
Sup: 113.07, 112.62, 112.50, 111.97

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.

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