Technical Analysis

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

Author: Windsor Brokers LtdWebsite:
Windsor Brokers Ltd
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