Short USD/JPY below 110.30, target 109.60
USD/JPY is extending previous session's weakness, hits fresh monthly lows at 110.45.
Weakness in Treasury yields continue to weigh.
Technical indicators on the daily charts have turned bearish. The pair has broken below rising channel and has slipped below 61.8% Fib.
Immediate support lies at Lower Bollinger band at 110.42 and then 110.30 (trendline). Break below will see dip till 109.60.
Support levels - 110.42 (Lower BB), 110.30 (trendline), 109.60 (50% Fib)
Resistance levels - 110.77 (61.8% Fib), 110.87 (55-EMA), 111.07 (converged 5-DMA and 21-EMA)
Stay short below 110.30, SL: 110.80, TP: 110/ 109.60
Weakness in Treasury yields continue to weigh.
Technical indicators on the daily charts have turned bearish. The pair has broken below rising channel and has slipped below 61.8% Fib.
Immediate support lies at Lower Bollinger band at 110.42 and then 110.30 (trendline). Break below will see dip till 109.60.
Support levels - 110.42 (Lower BB), 110.30 (trendline), 109.60 (50% Fib)
Resistance levels - 110.77 (61.8% Fib), 110.87 (55-EMA), 111.07 (converged 5-DMA and 21-EMA)
Stay short below 110.30, SL: 110.80, TP: 110/ 109.60