USDJPY: Weakens Further On Bear Pressure

Mohammed Isah FXTechstrategy

USDJPY: With the pair selling off further on Thursday, further bearishness is likely. On the downside, support comes in at the 109.00 level where a break if seen will aim at the 108.50 level. A cut through here will turn focus to the 108.00 level and possibly lower towards the 107.50 level. Its daily RSI is bearish and pointing lower suggesting more weakness. On the upside, resistance resides at the 109.50 level. Further out, we envisage a possible move towards the 110.00 level. Further out, resistance resides at the 110.50 level with a turn above here aiming at the 111.00 level. On the whole, USDJPY looks to weaken further on bear pressure

Interested in USDJPY technicals? Check out the key levels

1. R3 110.92
2. R2 110.56
3. R1 109.88
PP 109.51
1. S1 108.84
2. S2 108.47
3. S3 107.79

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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