USD/JPY: Bears Appear To Remain In Control
Jason Sen | May 23, 2017 05:58AM ET
USD/JPY bears appear to remain in control as we fail to test 111.80/90 and dip back below 111.20/10, targeting 110.75/70 and support at 110.55/50. A break below 110.20 then targets 109.90 and important 200 day moving average and 6 month trend line support at 109.80/70. This is the best chance of a low for the week as we head in to oversold conditions. We also have a gap to fill at 109.48 so longs need stops below 109.40.
Above first resistance at 111.20/30 targets only minor resistance at 111.80/90 then 4.5 month trend line resistance at 112.10/20. There is a good chance this area will mark a high for the day but shorts need stops above 112.60.
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