Slobodan Drvenica
Windsor Brokers
The pair bounces from 112.50 support zone (former correction low of 18 Jan) that was retested after yesterday’s fall, but offers solid support for now.
Near-term action remains biased lower and consolidation is expected to precede final break below 112.50 base, for extension of the downleg from 118.65/59 double-top that would look for 111.97 (Fibo 38.2% of 101.17/118.65 rally) initially.
Bearish setup of daily studies supports scenario, with upticks expected to hold below 114.05 /30 zone (falling daily Tenkan-sen / daily cloud top).
Any sustained break here would delay near-term bears for extended correction.
Next strong barrier lies at 114.83 (Fibo 38.2% of 118.59/112.51 downleg) and guards upper breakpoint at 115.60 (19 Jan lower top.
Res: 113.60; 114.05; 114.30; 114.83
Sup: 112.85; 112.50; 111.97; 111.00
Interested in USDJPY technicals? Check out the key levels
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.
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