USD/JPY - 112.55.. The pair met renewed selling at 112.76 as G20 meeting turned out to be a non-event, price fell to a fresh 2-week low of 112.46 in Euro pean morning b4 staging a recovery to 112.90 but only to drop to 112.50 in NY.
On the bigger picture 1st, dlr's early rally fm 2016 bottom (Jun) at 99. 00 to a 10-1/2 month peak of 118.66 in mid-Dec signals the MT fall fm 2015 near 13-year peak at 125.86 has ended there, subsequent fall to Feb's low of 111.60 suggests top has been made. Depite dlr's 3-legged rise back to 115.51 in early Mar, last week's decline to 112.57 strongly suggests said upmove has ended n downside bias remains, a daily close below 112.35 (80.9% r) wud add credecne to this view n bring re-test of 111.60, break wud head to 110.92. On the upside, only abv 114.49 aborts bearishness n risks re-test of 115.51.
Today, despite dlr's resumption of recent decline to a fersh 2-week low of 112.44 ahead of Asian open, as this lvl was accompanied by prominent 'bulish conver gences' on the hourly oscillators, reckon 112.23 would hold n bring correction of early fall fm 115.51. Abv 112.91 confirms temp. low made, 113.40/50.

Interested in USDJPY technicals? Check out the key levels

1. R3 113.03
2. R2 112.91
3. R1 112.80
PP 112.69
1. S1 112.58
2. S2 112.46
3. S3 112.35

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AceTrader

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