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USD/JPY tests 21DMA levels as resistance, break-out drags rally

FX:USDJPY   U.S. Dollar / Japanese Yen
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USD/JPY tests 21DMA levels as resistance, break above may extend upswings but use rallies to deploy shorts:

Earlier USD/JPY             TARGETS ACHIEVED, stay focused to enter better entry points for short near month futures again.

Refer below link for our previous write up on this prediction:



For now, Broken out major supports at 111.063 & the extension of current upswings is likely as leading oscillators signal upswing momentum, any bounces above 21DMA may drag these rallies but certainly not above 111.063 for those who is looking out for delivery basis.

With momentary upswing momentum, we advise to view rallies as fresh shorting opportunities for retest of support at 107.674 or below.

We don’t think we’ve to explicitly specify “Major trend is bearish” as all technical indicators are bearish bias.

On broader perspectives, “Long Legged Doji’ is traced out on monthly graph, while 7EMA crosses below 21EMA, price dips are in conformity to leading & lagging indicators and massive volumes.

RSI evidences bearish convergence to the falling prices, while no traces of recovery from stochastic curve as well.

MACD also confirms the long term downtrend continuation.

So, we reiterate absolutely there is no space for fresh long build ups for medium or long term traders, view every rallies for best entry levels for shorts.

While, on an intraday trading perspective, aggressive bulls can better use one touch binary calls for targets of 109.910 levels upon breach of 21DMAs, otherwise we’re still bearish bias.
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