USD/JPY recovers slightly from 18-mth lows, good to sell rallies

FX:USDJPY   U.S. Dollar / Japanese Yen
332 1 5
JPY bulls took a breather from their recent upsurge, USD/JPY             is attempting a slight recovery from fresh 18-month lows at 106.13.

Sluggish manufacturing activity reports from China released over the weekend weighed negatively on the markets.

With Japan’s markets closed for rest of the week, focus remains on the US docket. Key US employment data later this week, along with US ISM manufacturing PMI report.

Technically upside in the pair lack momentum. RSI weak at 33. Major moving averages biased lower.

Pair is holding strong trendline support at 106.10 levels, breaks below will drag the pair to 105.50 levels.

Immediate support and resistance are located at 105.50 (Oct 16th 2014 low) and 107 respectively.

Good to sell rallies around 106.65/70, SL: 107.20, TP: 106.20/106/105.50
Trade closed: target reached: Target almost hit at 105.54. Pair finds strong support at 105.20.

For now we advise booking full profits.

Momentum bearish. Could re-enter shorts on rallies.
Sell at 107.85, Target: 106.20, Stop: 108.20
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