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Short

Short USD/JPY rallies for 110.35

FX:USDJPY   U.S. Dollar/Japanese Yen
318 0 11
Doubt over OPEC output cut deal dented investors’ confidence in risky assets, boosting safe-havens JPY demand.

USD/JPY             extending decline from multi-month highs, hits session lows of 111.35.

The major is staging some recovery as we head towards the Asian session, but intraday bias lower.

Technicals are bearish , spinning top formed at highs on Friday's trade.

We see scope for test of 20-DMA at 108.12, bearish invalidation on close above 5-DMA.

Support levels - 111.35 (session low), 111, 110.33 (23.6% Fib), 108.12 (20-DMA & 38.2% Fib)

Resistance levels - 112, 112.40 (5-DMA), 113, 113.89 (Nov 25 high)

Good to sell rallies around 112/112.10, SL: 112.50, TP: 111.35/ 111/ 110.35
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