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.

EUR/USD weakens to near 1.1900 as traders eye US data

EUR/USD eases to near 1.1900 in Tuesday's European trading hours, snapping the two-day winning streak. Markets turn cautious, lifting the haven demand for the US Dollar ahead of the release of key US economic data, including Retail Sales and ADP Employment Change 4-week average.

GBP/USD stays in the red below 1.3700 on renewed USD demand

GBP/USD trades on a weaker note below 1.3700 in the European session on Tuesday. The pair faces challenges due to renewed US Dollar demand, UK political risks and rising expectations of a March Bank of England rate cut. The immediate focus is now on the US Retail Sales data.

Gold sticks to modest losses above $5,000 ahead of US data

Gold sticks to modest intraday losses through the first half of the European session, though it holds comfortably above the $5,000 psychological mark and the daily swing low. The outcome of Japan's snap election on Sunday removes political uncertainty, which along with signs of easing tensions in the Middle East, remains supportive of the upbeat market mood. This turns out to be a key factor exerting downward pressure on the safe-haven precious metal.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.