Trend Analysis Chart Patterns Technical Indicators USD jpy USDJPY usdjpyshort
USD/JPY is trading weaker after a dovish Fed overnight, slips below 109 handle.
Technical studies are bias lower.
Bears now on track to test of 61.8% Fib at 108.41. Further weakness can see downside till 78.6% Fib at 106.75.
Bearish invalidation only above 21-EMA at 109.47.
Support levels - 108.41 (61.8% Fib), 108.02 (Lower BB), 107.77 (Jan 10 low)
Resistance levels - 109.02 ( 20-DMA ), 109.22 (5-DMA), 109.47 (21-EMA)
Stay short on upticks, SL: 109.50, TP: 108.45/ 108
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