Resistance level 103.344 Pivot Level 102.00 Support Level 100.746, 100.062, and 99.481 Technical Analysis Daily bias in USD/JPY remains bearish with
Resistance level 103.344
Pivot Level 102.00
Support Level 100.746, 100.062, and 99.481
Technical Analysis
Daily bias in USD/JPY remains bearish with 103.344 resistances intact and deeper decline is still expected for the pair as long as resistances holds the area.
The price action stays below resistances so far at end of the week and such decline is viewed as a correction.
Thus, we’d expect resistance to hold the area and the pair remains bearish with a break of 102.00 indicating a near term bearish reversal.
The outlook continues with a downside bias and price action signals an engulfing bar reversal bearish movement rejection at the resistance area closed below trend line.
The stochastic oscillator is currently at 34.0 levels and the pair is closed below the rejection of trend line indicating a trend reversal shifting the momentum.
Current developments suggest that the medium term downside are expected to be further low and the focus shall be at 100.746. If there is a break here, it should make lower lows at 100.062 / 99.481 levels.