USDJPY – bears pressure pivotal Fibo support at 111.95

Slobodan Drvenica Windsor Brokers

USDJPY

The pair remains in red for the third straight day and hit marginally lower low on Friday at 112.02, pressuring strong support at 111.95 (Fibo 61.8% of 110.83/113.74 / 06 Dec low).
Break and close below 111.95 would generate bearish signal for further weakness towards next targets at 111.69/62 (100/200SMA’s) and would look for test of key supports at 111.02 (daily cloud base) and 110.83 (27 Nov low) in extension.
Wednesday’s long bearish candle continues to weigh, along with dovish Fed, keeping bias with bears.
Broken daily Kijun-sen which caps today’s action, marks initial resistance at 112.37, with extended upticks expected to remain under converged 10/55SMA’s at 112.80/84.

Res: 112.37; 112.66; 112.84; 113.09
Sup: 111.95; 111.62; 111.52; 111.02

Interested in USDJPY technicals? Check out the key levels

1. R3 113.58
2. R2 113.24
3. R1 112.74
PP 112.4
1. S1 111.9
2. S2 111.57
3. S3 111.07

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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