novvoll12
Short

USDJPY – Intraday bearish and oversold – Posts new YTD lows

FX:USDJPY   U.S. Dollar / Japanese Yen
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USDJPY@ 106.50 – Intraday bearish and oversold – Posts new YTD lows

USDJPY             reversed sharply lower from the 111.88 area ( April             24, 2016) to post series of lower highs and new YTD lows. The pair is testing the 38.2% key retracement area of the 77.13/125.85 upswing (September 2012 monthly higher low/June 2015 monthly high). The oversold condition warns of pullbacks. 107.83/109.26 are resistance levels to cap the bounces.

Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish
Monthly: neutral

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