USDJPY – close below double-Fibo levels at 106.66/51 is key
|The pair accelerated lower in early hours of US session, pressuring 15-month low at 106.17, posted earlier today, after limited recovery stalled at 106.80.
Break below key supports at 106.66/51 (Fibo 38.2% of 75.65/125.84, Oct 2011/June 2015 ascend / Fibo 61.8% of 98.99/118.66, Jun/Dec 2016 rally) was strong bearish signal, but requires confirmation on daily close below these levels, as this would be final signal that longs from 98.99 (24 Jun 2016 low) are neutralized and med-term outlook is turning bearish, while broader bulls from 75.65 (27 Oct 2011 low) would be questioned.
Res: 106.51; 106.80; 107.00; 107.31
Sup: 106.17; 105.57; 105.00; 104.50
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