The USDJPY pair posted marginally lower low at 110.28 on Monday, cracking 200SMA support and maintaining pressure on other key supports at 110.23/15 (18 May spike low / daily cloud base).
Recovery attempts were capped at 110.73 in early Europe, with Friday’s long bearish daily candle weighing on near-term action.
Hesitation at 200SMA and ahead of other key supports may keep the pair in extended consolidation, with extended upticks expected to hold below 111.15 (Fibo 61.8% of Fri/Mon fall). Barrier is reinforced by 10/55SMA bear-cross and daily Tenkan-sen, which maintain bearish pressure.
Only sustained break above here would sideline near-term bears and re-focus key barriers at 110.70/80 (Friday’s upside rejection / daily cloud top).
Res: 110.73, 111.15, 111.37, 111.70
Sup: 110.28, 110.15, 109.58, 109.60
