USDJPY – close below 112.32 pivot needed to signal bearish continuation

Slobodan Drvenica Windsor Brokers

USDJPY

The pair hit fresh low of the month at 111.98 after dollar came under renewed pressure on Tuesday.
Strong supports at 111.95/111.80 zone (converged 55;30;200 and 100 SMA's) are pressured, but without break lower for now.
Bear may pause here as slow stochastic is oversold on daily, with narrow consolidation expected to precede fresh weakness.
Bearish signal on close below 112.32 (Fibo 38.2% of 108.80/114.49 upleg) is required to trigger further easing, as downside attempts on Fri/Mon failed to close below 112.32 pivot.
Thickening hourly cloud (spanned between 112.69/91) is weighing on near-term structure and should cap corrective upticks.

Res: 112.69; 112.91; 113.21; 113.57
Sup: 112.32; 111.95; 111.80; 111.64

Interested in USDJPY technicals? Check out the key levels

1. R3 112.80
2. R2 112.71
3. R1 112.57
PP 112.48
1. S1 112.34
2. S2 112.26
3. S3 112.12

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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