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Technical Outlook: USDJPY – Narrow Consolidation To Precede Fresh Downside While Falling 10SMA Caps

The pair is holding in extended consolidation above 108.50 zone where strong bids temporarily halted bears.

Limited upside attempts signal that overall bears remain firmly in play for final push through 108.50/00 pivots towards key support at 107.31 (08 Sep low).

Congestion tops at 109.20 mark initial resistance ahead of more significant falling 10 SMA (109.67) and psychological 110.00 barrier, violation of which would sideline immediate bears and signal stronger correction of 113.38/108.28 bear-leg.

Res: 109.20, 109.67, 110.00, 110.23
Sup: 108.50, 108.28, 107.83, 107.31

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