USD/JPY Outlook: Bears pause for profit-taking; negative outlook while 107.80 caps upticks

Slobodan Drvenica Windsor Brokers

USDJPY

The pair bounces from new low at 107.21 (Thu/Fri lows), boosted by profit-taking after two-day 108.32/107.21 fall.
The dollar was hit by dovish comments from Fed on Thursday, but dips found footstep ahead of key support at 106.78 (25 June low), but bounce so far seen as positioning for fresh push lower.
Rising negative momentum on daily chart and MA’s in bearish setup support scenario, with upticks expected to be ideally capped under lower platform at 107.80 zone to keep intact the cluster of converged MA’s at 108.00/14 zone, which mark upper pivot.

Res: 107.80; 108.00; 108.14; 108.37
Sup: 107.21; 107.10; 106.78; 106.43

Interested in USDJPY technicals? Check out the key levels

1. R3 108.61
2. R2 108.31
3. R1 107.8
PP 107.51
1. S1 107
2. S2 106.7
3. S3 106.19

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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