Slobodan Drvenica
Windsor Brokers
USD/JPY
Fresh bearish acceleration on Monday (down 1.1% since opening), broke clearly through pivotal Fibo support at 138.62 (61.8% of 130.39/151.94) which recently contained several attacks and cracked Nov 15 spike low at 137.67, hitting the lowest since late August.
This signals continuation of larger downtrend from multi-decade peak (151.94), which paused for consolidation in past two weeks after a massive losses in the first week of November.
Bears focus target at 135.47 (Fibo 76.4%) but see a minimum requirement on close below 138.62 (Fibo 61.8%) for confirmation.
Daily studies show strong negative momentum and MA’s in full bearish setup that reinforces bearish structure, along with a massive monthly bearish candle (USDJPY is on track for a drop of over 7% in November).
Res: 138.62; 139.50; 139.79; 140.00.
Sup: 137.49; 136.17; 135.81; 135.47.
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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