USDJPY Outlook: Bears consolidate above strong Fibo support at 111.97, awaiting fresh signal from US CPI data
|USDJPY
Dollar’s steep six-day fall found footstep at important Fibo support at 111.97 (61.8% of 110.38/114.54 rally).
The pair is consolidating above new three-week low on Thursday, after the greenback suffered the biggest one-day losses since 06 Sep on Wednesday, after being surprisingly pulled lower by strong fall in US stocks.
Overall structure remains negative and reinforced by bearish sentiment, looking for fresh bearish signal on close below 111.97 pivot.
Continuation of downtrend from 114.54 would expose supports at 111.36 (Fibo 76.4%) and 111.24 (rising 100SMA).
Rising bearish momentum supports, but deeply oversold slow stochastic warns of consolidative/corrective action.
US CPI data are expected to generate fresh direction signal.
Res: 112.40; 112.95; 113.40; 113.56
Sup: 111.97; 111.78; 111.36; 111.24
Interested in USDJPY technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.