HomeContributorsTechnical AnalysisTechnical Outlook: USDJPY – Limited Recovery But Immediate Downside Risk Is Sidelined

Technical Outlook: USDJPY – Limited Recovery But Immediate Downside Risk Is Sidelined

The pair eased from session high at 106.44, where Fibo 23.6% of 110.28/105.24 fall capped the extension of Monday’s strong rally.

Bounce from new 16-month low at 105.24 sidelined immediate downside risk, however, daily techs remain in full bearish setup and keep the pair under strong pressure.

Near-term action may hold in extended consolidation as slow stochastic emerged from oversold territory, with stronger upticks to be capped at 107 zone (Fibo 38.2% of 110.28/105.24 / falling 20SMA) ahead of release of US NFP data which could provide stronger signal.

Res: 106.44, 106.63, 107.15, 107.52
Sup: 105.95, 105.54, 105.24, 105.00

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