HomeContributorsTechnical AnalysisUSDJPY Is Trading Near The Lower Boundary Of Near-Term 112.00/113.70 Range

USDJPY Is Trading Near The Lower Boundary Of Near-Term 112.00/113.70 Range

Near-term focus is turning lower after recovery attempts from strong 112.00 support stayed capped under sideways-moving daily Tenkan-sen line (currently at 113.70).

The pair looking for fresh attack at the lower boundary of near-term congestion between 112.00 (Fibo 38.2% of 101.17/118.65) and 113.70 (daily Tenkan-sen line), break of which would trigger stronger acceleration lower and open psychological 110.00 support (reinforced by ascending 100SMA).

Bearishly aligned daily technicals support scenario.

Alternative scenario requires firm break above Tenkan-sen barrier to sideline near-term bears and signal stronger correction of the downleg from 115.36 to 112.00.

Res: 112.26, 113.45, 113.70, 114.09
Sup: 112.21, 111.97, 111.34, 110.83

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