Slobodan Drvenica
Windsor Brokers
USD/JPY
USDJPY edges lower after hitting levels just ticks away from 160 barrier, which many see as a trigger for intervention, as Japan’s authorities intervened at the end of April when the pair cracked 160 barrier.
Monday’s trading was closed in red for the first time in eight days, although long tail of daily candle suggests that bids are still very strong and markets may attack 160 level again, despite intervention threats.
Dips were so far shallow and contained by rising 5 DMA, keeping lower triggers at 158.25/157.87 (rising 10DMA / Fibo 38.2% of 154.54/159.93 upleg) out of reach for now.
Fading bullish momentum and overbought conditions on daily chart add to correction signals.
Any pullback above these supports should be considered as a healthy correction and keep larger bulls intact.
On the other hand, firm break here would point to deeper correction.
Res: 159.70; 160.00; 160.19; 160.87.
Sup: 158.66; 158.25; 157.87; 157.38.
Interested in USD/JPY technicals? Check out the key levels
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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