Contributors Technical Analysis Technical Outlook: USDJPY – Key Support At 110.00 Zone Are Under Increased...

Technical Outlook: USDJPY – Key Support At 110.00 Zone Are Under Increased Pressure

The pair is in red for the third straight day and extends weakness from 112.18 recovery top that so far retraced over 76.4% of 110.09/112.18 recovery leg.

Firm bearish tone has been established on all timeframes and favors renewed attack at recent lows which lay just above psychological 110.00 support and 109.91 (50% retracement of larger 101.17/118.65 rally) to signal fresh extension of bear-phase from 118.65 (15 Dec 2016 / 03 Jan 2017 double-top).

Bears seek for weekly close below 111.36 (weekly cloud top) for confirmation.

Initial resistance lies at 110.90 (session high / broken Fibo 61.8% of 110.09/112.18 upleg), followed by daily Tenkan-sen at 111.14, which should ideally limit recovery attempts.

Res: 110.90, 111.14, 111.36, 111.57
Sup: 110.32, 110.09, 109.91, 109.30

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