USDJPY: Threatening Further Weakness Short Term

Mohammed Isah FXTechstrategy

USDJPY: The pair continued to retain its downside pressure with more declines expected. On the downside, support comes in at the 110.50 level where a break if seen will aim at the 110.00 level. A cut through here will turn focus to the 109.50 level and possibly lower towards the 109.00 level. On the upside, resistance resides at the 112.50 level. Further out, we envisage a possible move towards the 113.00 level. Further out, resistance resides at the 113.50 level with a turn above here aiming at the 114.00 level. On the whole, USDJPY looks to weaken further short term.

Interested in USDJPY technicals? Check out the key levels

1. R3 112.47
2. R2 112.04
3. R1 111.49
PP 111.06
1. S1 110.50
2. S2 110.07
3. S3 109.52

Author

Mohammed Isah

FXTechstrategy

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market since 2010.

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