HomeContributorsTechnical AnalysisTechnical Outlook: USDJPY Heads Towards Key Support At 108.72 On Fresh Risk-Off...

Technical Outlook: USDJPY Heads Towards Key Support At 108.72 On Fresh Risk-Off Mode

The pair remains firmly in red and extends below 109.00 handle on fresh risk-off mode. Steady descend from repeated rejection near key 111.00 barrier eyes key supports at 108.83/72 (weekly cloud base /11 Aug low), break of which would open next key support at 108.11 (14 Apr low) and spark stronger descend on break here, in extension of fall from double-top at 111.00 zone that was formed on daily chart. Bearish continuation of larger downtrend from 118.66 could extend to 106.50 (Fibo 61.8% of 98.99/118.66 (Jun-Dec 2016 rally) on firm break below 108.11 pivot. Session high at 109.57 marks initial resistance, followed by falling 10 SMA at 109.84.

Res: 109.57, 109.84, 110.00, 110.32
Sup: 108.72, 108.11, 107.88, 107.35

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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.

Featured Analysis

Learn Forex Trading