Technical Analysis

Technical Outlook: USDJPY – Close Below 112.32 Fibo Support To Signal Fresh Bear

Typography

The pair is consolidating above pivotal support at 112.32 (Fibo 38.2% of 108.80/114.49 upleg) which was cracked on Friday's strong fall.

Repeated close (Thu/Fri) below daily Tenkan-sen confirms negative near-term stance.

Upside attempts were so far capped by initial barrier at 112.78 (Fibo 23.6% of 114.49/112.25 pullback) with thick 4-hr cloud weighing on near-term action (cloud base lies at 113.11, also Fibo 38.2%).

Close below 112.32 to signal fresh downside and expose a cluster of daily MA supports between 111.94 and 111.80, followed by daily Kijun-sen at 111.64 and thickening daily cloud (spanned between 111.23 and 111.07.

Alternative scenario requires sustained break above daily Tenkan-sen (113.37) to sideline immediate downside threats.

Res: 112.78, 113.15, 113.37, 113.57
Sup: 112.32, 111.94, 111.80, 111.64

Author: Windsor Brokers LtdWebsite: http://www.windsorbrokers.com/
Windsor Brokers Ltd
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.
More from the author