USDJPY – key n/t supports at 115.20/05 under strong pressure; risk of reversal increases
|Key near-term supports at 115.20/05(5/6 Jan lows) came under increased pressure after yesterday’s upside rejection at 117.52 and subsequent weakness that extended today and probed below first downside pivot at 115.87 (daily Kijun-sen line).
Fresh weakness turned near-term technicals to bearish mode, as daily indicators are pointing lower and suggest further easing after repeated upside rejection that formed double-top at 118.65/59.
The pattern weighs on near-term action that shows risk of firm break below 115.20/05 supports, to signal reversal and open way for deeper correction.
Such scenario would expose next supports at 114.52 and 113.95.
Daily Tenkan-sen offers strong resistance at 116.82, which is expected to cap extended upticks.
Res: 116.20; 116.62; 116.82; 117.52
Sup: 115.20; 115.05; 114.52; 113.95
Interested in USDJPY technicals? Check out the key levels
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