USDJPY breaks trendline support at 110.60, stay short for 109.37
USD/JPY is trading a falling channel, we see scope for test of channel base at 109 levels.
Technical indicators are bearish, RSI and Stochs are biased lower.
Unimpressive US manufacturing PMI data continues to keep the USD and treasury yields under pressure.
USD/JPY finds next major support at 110.10 (March 27 low), break below targets 50% Fib retrace of 100.08 to 118.662 rally at 109.37.
Further weakness could see drag upto 109 (channel base).
On the flipside break above 5-DMA could see test of 112.40 (20-DMA)
Support levels - 110.10 (March 27 low), 109.37 (50% Fib retrace of 100.08 to 118.662 rally), 109 (channel base)
Resistance levels - 111, 111.14 (5-DMA), 111.56 (38.2% Fib), 112
Technical indicators are bearish, RSI and Stochs are biased lower.
Unimpressive US manufacturing PMI data continues to keep the USD and treasury yields under pressure.
USD/JPY finds next major support at 110.10 (March 27 low), break below targets 50% Fib retrace of 100.08 to 118.662 rally at 109.37.
Further weakness could see drag upto 109 (channel base).
On the flipside break above 5-DMA could see test of 112.40 (20-DMA)
Support levels - 110.10 (March 27 low), 109.37 (50% Fib retrace of 100.08 to 118.662 rally), 109 (channel base)
Resistance levels - 111, 111.14 (5-DMA), 111.56 (38.2% Fib), 112