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FxWirePro: USD/JPY breaches 50-DMA support at 112.97, bias lower

  • USD/JPY has breached 50-DMA support at 112.97 on Thursday's trade.
     
  • Downside has stalled after slight pickup in the US bond yields. Recovery capped at 50-DMA.
     
  • Cautious sentiment around European equities should continue to underpin the Japanese Yen's safe-haven appeal, capping any recovery amid pre-holiday thin trading.
     
  • Technicals studies for the pair hint further downside. Stochs and RSI are biased lower.
     
  • The pair has slipped below 23.6% Fib retracement of 107.318 to 114.737 rally at 112.98.
     
  • Next major support lies at 112.25 (trendline) ahead of 38.2% Fibo at 111.90.
     
  • On the flipside retrace and close above 50-DMA could invalidate bearish bias.

Support levels - 112.25 (trendline), 112, 111.90 (38.2% Fib retrace of 107.318 to 114.737)

Resistance levels - 112.97 (50-DMA), 113.08 (5-DMA), 113.63 (Dec 21 high)

Recommendation: Good to go short on rallies around 112.80/90, SL: 113.50, TP: 112.25/ 112/ 111.90.

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -123.221 (Bearish), while Hourly JPY Spot Index was at -27.7328 (Neutral) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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2018-01-16 14:32:49
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