USD/JPY Outlook: Directionless mode after limited pullback looks for fresh signals
|Narrow range in early Monday's trading after Friday's tight Doji signals directionless mode after pullback from last week's double-rejection at 111 zone was contained by 10SMA/broken Fibo 61.8% barrier.
Traders look for fresh direction signals, as daily techs are mixed (flat momentum, south-heading stochastic and MA's in mixed setup).
Solid bids at 110.22/00 zone keep the downside protected for now, with today's bullish close seen as minimum requirement to improve near-term tone and re-expose pivots at 111.12 (last week's high) and 111.28 (200SMA).
Return below 10SMA would generate initial bearish signal, while extension and close below 20SMA (109.83) would risk deeper pullback.
Res: 110.63; 110.93; 111.12; 111.28
Sup: 110.22; 110.00; 109.83; 109.50
Interested in USDJPY technicals? Check out the key levels
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