The pair holds in red in European trading on Friday and maintaining negative near-term bias after Mon/Tue bull-trap.
Rising bearish momentum and daily MA’s in negative setup, support scenario as fresh weakness repeatedly probed below pivotal support at 108.19 (61.8% of 107.81/108.80), clear break of which is needed to confirm lower top at 108.80.
Thick 4-hr cloud (108.28/87) maintains pressure and only lift above cloud top (also near Fibo 38.2% of 110.67/107.81) would neutralize bears.
Res: 108.33; 108.53; 108.80; 108.80
Sup: 108.16; 108.04; 107.81; 107.57
Interested in USDJPY technicals? Check out the key levels
- R3 108.94
- R2 108.74
- R1 108.56
- PP 108.36
- S1 108.19
- S2 107.99
- S3 107.81
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.