USD/JPY -0.23% holds break below 50-DMA, intraday bias bearish .
Recovery attempts capped at 5-DMA at 112.47, bears eye 200-DMA at 111.74
Break below could accentuate weakness. Scope then for test of 111.47 weekly 20-SMA ahead of 111 levels.
On the flipside, we see major resistance at 112.80 (50-DMA). Bearish invalidation only on break above.
Momentum indicator is flat in oversold territory, while the RSI gains traction downwards around 41, supporting weakness.
In the absence of key data drivers in a holiday thinned week, focus remains on the yield curve for direction.
Support levels - 111.90 (38.2% Fib retrace of 107.318 to 114.73 rally), 111.73 (200-DMA), 111 (50% Fib)
Resistance levels - 113.48 (5-DMA), 112.79 (50-DMA), 112.98 (23.6% Fib retrace of 107.318 to 114.73 rally)
Stay short on rallies, SL: 112.70, TP: 112/ 111.90/ 111.65
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