USDJPY consolidates above key support at 110.83; bears favor break lower

Slobodan Drvenica Windsor Brokers

USDJPY

The pair is holding in narrow consolidation in early Friday's trading, taking a break after strong fall in past three days.
Bears approached key support at 110.83 (27 Nov low) on yesterday's extension of strong fall on Wednesday.
Sustained break here would spark fresh bearish acceleration towards targets at 110.15/00 (Fibo 61.8% of 107.31/114.73/psychological support).
Firm bearish structure of daily techs supports further losses, but oversold slow stochastic warns of consolidation preceding fresh weakness.
US data due later today are in focus.

Res: 111.43; 111.68; 111.87; 112.00
Sup: 111.04; 110.83; 110.15; 110.00

Interested in USDJPY technicals? Check out the key levels

1. R3 112.58
2. R2 112.24
3. R1 111.73
PP 111.38
1. S1 110.87
2. S2 110.53
3. S3 110.02

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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