USDJPY – key levels at 111.63 and 112.10

Slobodan Drvenica Windsor Brokers

USDJPY

Extension of Tuesday's strong recovery rally was so far capped at 112.10 (strong resistance consisting of Fibo 38.2% of 114.49/110.62/daily Tenkan-sen).
Mixed signals are seen on daily chart as correction of larger downtrend showed signs of stall, with increased downside risk seen on return below 100SMA (111.63).
On the other side, completion of reversal pattern on strong bounce after false break below daily cloud is strong bullish signal. Sustained break above 112.10 barrier is needed to spark fresh recovery towards 112.55 (50%/daily Kijun-sen) and 113.00 (Fibo 61.8% retracement) in extension.

Res: 111.65; 111.80; 112.10; 112.63
Sup: 111.63; 111.52; 111.23; 110.82

Interested in USDJPY technicals? Check out the key levels

1. R3 113.44
2. R2 112.71
3. R1 112.30
PP 111.56
1. S1 111.15
2. S2 110.42
3. S3 110.01

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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