USDJPY close below 21-DMA undercuts uptrend,122.97 likely pivot
USD/JPY broke below 21 DMA in yesterday's trade, falling to as low as 122.30. The pair ran through fresh bids near the mid-point of the 122 handle at Tokyo start.
Recovery extended to 122.85, but selling pressure weighed, bringing the pair lower. USD/JPY is now attempting a tepid bounce towards hourly 10-SMA located at 122.69.
USD/JPY gently bid, pre-weekend. Gotobi, Japanese importer settlement demand also falls on a Saturday. Flat daily Ichi tenkan at 122.97 likely near-term pivot.
Immediate resistance is now located at 122.78 (10 DMA) and further ahead at 122.90 21 DMA. Strong support lies at 122.30, breaks below could see the pair at 121.56 levels.
A December U.S. rate hike seems almost certain, barring any shocks in today's non-farm payrolls report
Resistance Levels:
R1: 122.78 (10 DMA)
R2: 122.90 (21 DMA)
R3: 122.96 (Daily Tenkan-Sen)
Support Levels:
S1: 122.40 (23.6 % Fibo of 118.05 - 123.75 rise)
S2: 122.30 (Double bottom Nov 24, 27)
S3: 122.26 (Daily Low Nov 25)
Recovery extended to 122.85, but selling pressure weighed, bringing the pair lower. USD/JPY is now attempting a tepid bounce towards hourly 10-SMA located at 122.69.
USD/JPY gently bid, pre-weekend. Gotobi, Japanese importer settlement demand also falls on a Saturday. Flat daily Ichi tenkan at 122.97 likely near-term pivot.
Immediate resistance is now located at 122.78 (10 DMA) and further ahead at 122.90 21 DMA. Strong support lies at 122.30, breaks below could see the pair at 121.56 levels.
A December U.S. rate hike seems almost certain, barring any shocks in today's non-farm payrolls report
Resistance Levels:
R1: 122.78 (10 DMA)
R2: 122.90 (21 DMA)
R3: 122.96 (Daily Tenkan-Sen)
Support Levels:
S1: 122.40 (23.6 % Fibo of 118.05 - 123.75 rise)
S2: 122.30 (Double bottom Nov 24, 27)
S3: 122.26 (Daily Low Nov 25)
