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USD/JPY weakness only on break below trendline support at 116.50

FX:USDJPY   U.S. Dollar / Japanese Yen
196 0 3
Renewed bout of risk-aversion led by the ongoing rout in oil             prices leading to sharp losses in Nikkei and other Asian indices, supporting Yen.

USD/JPY             fell to hit session lows by 116.66 but has quickly pared losses to regain the 117 handle and is currently trading at 117.25.

The pair has strong trendline support at 116.50, breaks below could take the pair to 115.80 levels.

On the upside the pair finds strong resistance by 5-DMA at 117.50, and further ahead at 117.76 (10-DMA).

On the daily charts , RSI and Stochs are in oversold territory, but do not show any buy signals for now.

We would wait for confirmation to go long:

-Break above 5-DMA at 117.50
- Stochs and RSI rollover from oversold territory
- Positive MACD line crossover on signal line

On the flipside, if the pair breaks below 116.50, then we would go short for 115.80 levels.

Resistance Levels:

R1: 117.50 (5-DMA)

R2: 117.76 (10-DMA)

R3: 118.07 (Jan 12 highs)

Support Levels:

S1: 116.50 ( Trendline support)

S2: 116.08 (Aug 24th lows)

S3: 115.85 (Jan 16th lows)
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