USD/JPY Outlook: Negative bias after bull-trap

Slobodan Drvenica Windsor Brokers

USDJPY

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

1. R3 108.94
2. R2 108.74
3. R1 108.56
PP 108.36
1. S1 108.19
2. S2 107.99
3. S3 107.81

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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