- USD/JPY is extending downside for 4th successive session, bias lower.
- The pair finds major support at 108.72 (Triple bottom), we see weakness on break below.
- Technical indicators are biased lower, RSI points south and is below 50 level. MACD is below the zero line and Stochs are biased lower.
- Yen could continue its safe haven appeal as geopolitical concern regarding North Korea resurface.
- Break below 108.72 support could see drag upto 107 (major trendline support)
Support levels - 109.10 (session low), 108.72 (Triple bottom), 108.60 (Aug 18 low)
Resistance levels - 109.75 (5-DMA), 110, 110.25 (20-DMA)
TIME TREND INDEX OB/OS INDEX
1H Bearish Neutral
4H Neutral Neutral
1D Bearish Neutral
1W Bearish Neutral
Recommendation: Watch out for break below 108.72 to go short, target 107.
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