USDJPY – key n/t supports at 115.20/05 under strong pressure; risk of reversal increases

Slobodan Drvenica Windsor Brokers

USDJPY

Key near-term supports at 115.20/05(5/6 Jan lows) came under increased pressure after yesterday’s upside rejection at 117.52 and subsequent weakness that extended today and probed below first downside pivot at 115.87 (daily Kijun-sen line).
Fresh weakness turned near-term technicals to bearish mode, as daily indicators are pointing lower and suggest further easing after repeated upside rejection that formed double-top at 118.65/59.
The pattern weighs on near-term action that shows risk of firm break below 115.20/05 supports, to signal reversal and open way for deeper correction.
Such scenario would expose next supports at 114.52 and 113.95.
Daily Tenkan-sen offers strong resistance at 116.82, which is expected to cap extended upticks.

Res: 116.20; 116.62; 116.82; 117.52
Sup: 115.20; 115.05; 114.52; 113.95

Interested in USDJPY technicals? Check out the key levels

1. R3 117.56
2. R2 117.41
3. R1 117.28
PP 117.12
1. S1 117.00
2. S2 116.84
3. S3 116.71

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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