- USD/JPY slips below 117 handle, intraday bias lower.
- Technical studies have turned bearish:
- RSI and Stochs have rolled over from overbought zone.
- MACD has shown a bearish crossover on signal line.
- We see scope for test of 20-DMA at 116.16. Break below could see further drag upto 114.75.
- Support levels - 116.55 (session low), 116.15 (20-DMA), 116
- Resistance levels - 117, 117.12 (5-DMA), 117.25 (session high), 117.81 (Dec 28 high)
Recommendation: Good to go short on rallies around 117, SL: 117.50, TP: 116.55/ 116.15/ 116
