USDJPY eases, unable to clearly break above daily Tenkan-sen pivot

Slobodan Drvenica Windsor Brokers

USDJPY

The pair eases from session high at 117.52, after today’s extension of Friday’s strong bounce, showed initial signs of stall.
The price falls back close to former low and pivot at 116.03, being so far unable to sustain attempts above daily Tenkan-sen line at 116.82.
Initial support at 116.60 was lost, with near-term technicals returning to negative setup and seeing increased risk of further easing.
Break below 116.00 handle (also Fibo 61.8% of 115.06/117.52 upleg) and daily Kijun-sen at 115.75 would generate fresh bearish signal and risk return back to key near-term support at 115.05 (last Friday’s correction low).
Conversely, close above daily Tenkan-sen is needed to sideline downside risk, while acceleration above 117.52 would turn focus towards key barriers at 118.65 (recent highs / trendline resistance).

Res: 116.82; 117.52; 118.17; 118.65
Sup: 116.00; 115.75; 115.05; 114.52

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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