In light of the recent price action, spot could now re-test the 112.03/111.75 band in the near term.
“USD/JPY is failing at the top of the range at 114.38/58 at long last (May and July highs and the 2015-2017 downtrend) and is currently easing lower, it sits on the short term uptrend at 113.45 and the near term risk is for a deeper retracement to 112.03/111.75 (the 200 day ma and the 55 week ma). Ideally this will hold, while above here an upside bias will persist. A close above 114.58 will introduce scope to the 118.60/66 January high”.
“The 55 day ma guards the 109.55 mid-September low and in turn this support guards the 108.81/13 April and June lows as well as the September low at 107.32”.
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