USDJPY remains biased lower; extended consolidation to precede fresh bears

USDJPY

The pair is trading in extended consolidation around 200SMA (currently at 108.85) after recent bear-leg from 111.56 (10 Apr high) found footstep just above 108.00 round-figure support. Near-term action is directionless and entrenched within 108.30/109.20 range, as studies on lower timeframes are neutral. Larger picture, however, shows bearish, with current consolidation seen as a pause of larger downtrend which eyes initial target at 107.84 (Fibo 61.8% of larger 101.17/118.65 rally) and may extend further down on break of the latter. Limited upside is seen for now, with falling 10SMA (currently at 109.33) reinforcing initial 109.20 barrier and extended upticks expected to hold below daily Tenkan-sen (currently at 109.84) and former lows at 110.10.

Res: 109.20; 109.33; 109.84; 110.10
Sup: 108.70; 108.30; 108.11; 107.84

USDJPY

 

Interested in USDJPY technicals? Check out the key levels

    1. R3 110.06
    2. R2 109.63
    3. R1 109.25
  1. PP 108.81
    1. S1 108.43
    2. S2 108.00
    3. S3 107.62

 

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.