Slobodan Drvenica
Windsor Brokers
USD/JPY
USDJPY extends fresh bearish acceleration into second day and fell 1.1% during Asian / European trading on Wednesday.
Increased demand for yen at the end of month as well as end fiscal year was the main driver of the pair, along with dollar bulls pausing for correction.
Fresh weakness broke below pivots at 152.69 (Fibo 23.6% of 139.57/156.74), 151.97 (200DMA) and dented a higher low of larger uptrend at 151.33 (Nov 5), adding to growing negative signals, which will require confirmation on close below these levels.
Daily studies softened as 14-d momentum slid into negative territory and 10/20/30DMA’s turned to bearish setup, contributing to possible scenario of attack at next pivotal supports at 150.15/00 (Fibo 38.2% / psychological.
Alternatively, failure to clearly break 151.33 trigger would ease current strong downside pressure and probably keep the price in prolonged consolidation range, though with bearish bias expected while the action stays below 153.00 zone.
Res: 151.98; 152.69; 153.00; 153.80.
Sup: 151.22; 151.00; 150.18; 150.00.
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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.
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