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Short USD/JPY break below 20-DMA:FxWirePro | November 9, 2017

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USD/JPY -0.32% slips lower on renewed risk-off, down 0.28% on the day.

Comments from the Chinese President Xi, who talked up the prospects of boosting the country’s trade and imports with the US triggered risk-off moods, lifting the safe-haven Yen.

Also, uncertainty around the US tax reforms keeps the US dollar -0.06% on the back foot, collaborating to the weakness in USD/JPY -0.32% .

Technical studies have turned bearish . RSI and Stochs are biased lower.

Focus on the US tax reforms, which is expected to have a significant impact on the USD price-action.

The pair is currently hovering around strong support at 20-DMA at 113.40. We see weakness on break below.

On the flipside, major resistance seen at 114.45. We see bearish invalidation only on break above.

Support levels - 113.40 (20-DMA), 112.98 (23.6% Fib retrace of 107.318 to 114.73 rally), 112.16 (50-DMA)

Resistance levels - 113.81 (5-DMA), 114, 114.45 ( trendline )

Good to go short on break below 20-DMA, SL: 113.85, TP: 113/ 112.50/ 112.20.

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