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Technical Outlook: USDJPY – Key 110.00 Support Under Pressure After Strong Upside Rejection

The pair remains under strong pressure and eyes 110.00 support zone, after Wednesday’s recovery attempts were capped by weekly cloud top (111.36) and subsequent strong bearish acceleration turned near-term focus lower again.

Probes above daily Tenkan-sen (111.14) were short-lived, keeping it as strong resistance, as Wednesday’s daily candle with long upper shadow, heavily weighing on near-term action.

Strong bearish setup of daily studies maintains negative tone, however, hesitation ahead of pivotal 110.00 zone could be anticipated as slow stochastic is entering oversold territory.

Daily Tenkan-sen is expected to ideally cap, with Friday’s close being in focus for stronger signals.

Close below weekly cloud top will be seen as strong bearish signal.

Res: 110.71, 111.02, 111.14, 111.36
Sup: 110.25, 110.09, 109.91, 109.30

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